PHH Inactive 10-Q7 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Oct. 31, 2013
Document and Entity Information	'	'
Entity Registrant Name	'PHH CORP	'
Entity Central Index Key	'0000077776	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	57,260,172
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES	'	'	'	'
Mortgage fees	$86	$91	$247	$254
Fleet management fees	43	45	130	137
Net fee income	129	136	377	391
Fleet lease income	339	340	1,014	1,014
Gain on mortgage loans, net	109	257	493	695
Mortgage interest income	20	24	59	70
Mortgage interest expense	-47	-54	-143	-162
Mortgage net finance expense	-27	-30	-84	-92
Loan servicing income	116	112	312	333
Change in fair value of mortgage servicing rights	-74	-225	6	-451
Net derivative gain (loss) related to mortgage servicing rights	'	8	-17	5
Valuation adjustments related to mortgage servicing rights, net	-74	-217	-11	-446
Net loan servicing income (loss)	42	-105	301	-113
Other income	23	26	66	65
Net revenues	615	624	2,167	1,960
EXPENSES	'	'	'	'
Salaries and related expenses	160	159	482	438
Occupancy and other office expenses	16	15	48	43
Depreciation on operating leases	305	304	912	908
Fleet interest expense	15	18	44	52
Other depreciation and amortization	8	7	24	19
Other operating expenses	185	177	477	512
Total expenses	689	680	1,987	1,972
(Loss) income before income taxes	-74	-56	180	-12
Income tax (benefit) expense	-28	-33	60	-32
Net (loss) income	-46	-23	120	20
Less: net income attributable to noncontrolling interest	6	19	30	44
Net (loss) income attributable to PHH Corporation	($52)	($42)	$90	($24)
Basic (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.90)	($0.74)	$1.58	($0.42)
Diluted (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.90)	($0.74)	$1.38	($0.42)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Net (loss) income	($46)	($23)	$120	$20
Other comprehensive income (loss), net of tax:	'	'	'	'
Currency translation adjustment	4	7	-7	7
Change in unrealized gains on available-for-sale securities, net	'	'	-1	-1
Change in unfunded pension liability, net	'	'	'	1
Total other comprehensive income (loss), net of tax	4	7	-8	7
Total comprehensive (loss) income	-42	-16	112	27
Less: comprehensive income attributable to noncontrolling interest	6	19	30	44
Comprehensive (loss) income attributable to PHH Corporation	($48)	($35)	$82	($17)

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
ASSETS	'		'
Cash and cash equivalents	$1,155		$829
Restricted cash, cash equivalents and investments (including $0 and $121 of available-for-sale securities at fair value)	254		425
Mortgage loans held for sale	1,155		2,174
Accounts receivable, net	939		797
Net investment in fleet leases	3,701		3,636
Mortgage servicing rights	1,237		1,022
Property, plant and equipment, net	73		79
Goodwill	25		25
Other assets	560		616
Total assets (1)	9,099	[1]	9,603	[1]
LIABILITIES AND EQUITY	'		'
Accounts payable and accrued expenses	750		586
Debt	5,808		6,554
Deferred taxes	673		622
Other liabilities	225		279
Total liabilities (1)	7,456	[1]	8,041	[1]
Commitments and contingencies (Note 13)	'		'
EQUITY	'		'
Preferred stock, $0.01 par value; 1,090,000 shares authorized; none issued or outstanding	'		'
Common stock, $0.01 par value; 273,910,000 shares authorized; 57,232,456 shares issued and outstanding at September 30, 2013; 56,975,991 shares issued and outstanding at December 31, 2012	1		1
Additional paid-in capital	1,137		1,127
Retained earnings	462		372
Accumulated other comprehensive income	18		26
Total PHH Corporation stockholders' equity	1,618		1,526
Noncontrolling interest	25		36
Total equity	1,643		1,562
Total liabilities and equity	$9,099		$9,603

[1]	The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
ASSETS	'		'
Cash and cash equivalents	$1,155		$829
Restricted cash, cash equivalents and investments	254		425
Mortgage loans held for sale	1,155		2,174
Accounts receivable, net	939		797
Net investment in fleet leases	3,701		3,636
Property, plant and equipment, net	73		79
Other assets	560		616
Total assets (1)	9,099	[1]	9,603	[1]
Restricted investments, at fair value	0		121
LIABILITIES	'		'
Accounts payable and accrued expenses	750		586
Debt	5,808		6,554
Other liabilities	225		279
Total liabilities (1)	7,456	[1]	8,041	[1]
EQUITY	'		'
Preferred stock, par value (in dollars per share)	$0.01		$0.01
Preferred stock, shares authorized (in shares)	1,090,000		1,090,000
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Common stock, par value (in dollars per share)	$0.01		$0.01
Common stock, shares authorized (in shares)	273,910,000		273,910,000
Common stock, shares issued (in shares)	57,232,456		56,975,991
Common stock, shares outstanding (in shares)	57,232,456		56,975,991
Variable Interest Entity	'		'
ASSETS	'		'
Cash and cash equivalents	91		66
Restricted cash, cash equivalents and investments	215		249
Mortgage loans held for sale	386		730
Accounts receivable, net	64		90
Net investment in fleet leases	3,629		3,531
Property, plant and equipment, net	2		2
Other assets	35		39
Total assets (1)	4,422		4,707
LIABILITIES	'		'
Accounts payable and accrued expenses	26		36
Debt	3,847		4,074
Other liabilities	18		13
Total liabilities (1)	$3,891		$4,123

[1]	The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
In Millions, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at Dec. 31, 2011	$1,461	$1	$1,082	$338	$21	$19
Balance (in shares) at Dec. 31, 2011	'	56,361,155	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Total comprehensive income (loss)	27	'	'	-24	7	44
Distributions to noncontrolling interest	-27	'	'	'	'	-27
Stock compensation expense	3	'	3	'	'	'
Stock issued under share-based payment plans	-1	'	-1	'	'	'
Stock issued under share-based payment plans (in shares)	'	334,575	'	'	'	'
Conversion option related to Convertible note issuance, net	33	'	33	'	'	'
Recognition of deferred taxes related to Convertible notes	3	'	3	'	'	'
Balance at Sep. 30, 2012	1,499	1	1,120	314	28	36
Balance (in shares) at Sep. 30, 2012	'	56,695,730	'	'	'	'
Balance at Dec. 31, 2012	1,562	1	1,127	372	26	36
Balance (in shares) at Dec. 31, 2012	56,975,991	56,975,991	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Total comprehensive income (loss)	112	'	'	90	-8	30
Distributions to noncontrolling interest	-41	'	'	'	'	-41
Stock compensation expense	6	'	6	'	'	'
Stock issued under share-based payment plans	1	'	1	'	'	'
Stock issued under share-based payment plans (in shares)	'	256,465	'	'	'	'
Recognition of deferred taxes related to Convertible notes	3	'	3	'	'	'
Balance at Sep. 30, 2013	$1,643	$1	$1,137	$462	$18	$25
Balance (in shares) at Sep. 30, 2013	57,232,456	57,232,456	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income	$120	$20
Adjustments to reconcile Net income to net cash provided by operating activities:	'	'
Capitalization of originated mortgage servicing rights	-209	-244
Net loss on mortgage servicing rights and related derivatives	11	446
Vehicle depreciation	912	908
Other depreciation and amortization	24	19
Origination of mortgage loans held for sale	-22,213	-28,230
Proceeds on sale of and payments from mortgage loans held for sale	23,772	29,655
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	-459	-746
Deferred income tax expense (benefit)	54	-42
Other adjustments and changes in other assets and liabilities, net	39	16
Net cash provided by operating activities	2,051	1,802
Cash flows from investing activities:	'	'
Investment in vehicles	-1,289	-1,282
Proceeds on sale of investment vehicles	254	227
Net cash (paid) received on derivatives related to mortgage servicing rights	-22	7
Purchases of property, plant and equipment	-22	-18
Purchases of restricted investments	-85	-151
Proceeds from sales and maturities of restricted investments	205	187
Decrease in restricted cash and cash equivalents	49	105
Other, net	2	21
Net cash used in investing activities	-908	-904
Cash flows from financing activities:	'	'
Proceeds from secured borrowings	36,759	48,063
Principal payments on secured borrowings	-37,575	-48,472
Proceeds from unsecured borrowings	350	518
Principal payments on unsecured borrowings	-280	-671
Issuances of common stock	2	1
Cash paid for debt issuance costs	-26	-43
Other, net	-46	-31
Net cash used in financing activities	-816	-635
Effect of changes in exchange rates on Cash and cash equivalents	-1	'
Net increase in Cash and cash equivalents	326	263
Cash and cash equivalents at beginning of period	829	414
Cash and cash equivalents at end of period	1,155	677
Supplemental Disclosure of Cash Flows Information:	'	'
Payments for debt tender premium and costs	$50	$14

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	1. Summary of Significant Accounting Policies

	BASIS OF PRESENTATION

	PHH Corporation and subsidiaries (collectively, “PHH” or the “Company”) is a leading outsource provider of mortgage and fleet management services operating in the following business segments:

	Mortgage Production — provides mortgage loan origination services and sells mortgage loans.

	Mortgage Servicing — performs servicing activities for originated and purchased loans.

	Fleet Management Services — provides commercial fleet management services.

	The Condensed Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries are consolidated within the Condensed Consolidated Financial Statements and Realogy Corporation’s ownership interest is presented as a noncontrolling interest. Intercompany balances and transactions have been eliminated from the Condensed Consolidated Financial Statements.

	Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no effect on reported totals for assets, liabilities, stockholders’ equity, cash flows or net income or loss. See Note 8, “Accounts Payable and Accrued Expenses”, for further information.

	The Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP), for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2012 Form 10-K.

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for mortgage loan repurchases and indemnifications and reinsurance losses, and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.

	Unless otherwise noted and except for share and per share data, dollar amounts presented within these Notes to Condensed Consolidated Financial Statements are in millions.

	CHANGES IN ACCOUNTING POLICIES

	Comprehensive Income. In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income”. This update to the comprehensive income guidance requires additional disclosure about the amounts reclassified out of Accumulated other comprehensive income, including disclosing the amounts that impact each line item in the Statement of Operations within a reporting period. This update enhances the disclosure requirements for amounts reclassified out of Accumulated other comprehensive income but will not impact the Company’s financial position, results of operations or cash flows. The Company adopted the new accounting guidance prospectively effective January 1, 2013. The updated disclosures are included in Note 14, “Accumulated Other Comprehensive Income”.

	Intangibles. In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment”. This update amends the current guidance on testing indefinite-lived intangibles for impairment and allows for the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangibles are impaired. If it is more likely than not that the indefinite-lived intangibles are impaired, the entity is required to determine the fair value of the indefinite-lived intangibles and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company adopted the new accounting guidance effective January 1, 2013 and the guidance will be incorporated prospectively when performing impairment tests for intangible assets.

	Offsetting Assets and Liabilities. In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities”. This update requires disclosure of both gross and net information about instruments and transactions in the scope of these pronouncements. Subsequently in January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which limited the disclosures to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset in accordance with current derivative and netting guidance, or subject to a master netting arrangement or similar agreement. The Company adopted the new accounting guidance retrospectively effective January 1, 2013. The updated disclosures are included in Note 5, “Derivatives”.

	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

	Income Taxes. In July 2013, the FASB issued ASU 2013-11,”Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This update to the income tax guidance clarifies the diversity in practice in the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This update requires the unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset or as a liability to the extent the entity cannot or does not intend to use the deferred tax asset for such purpose. The new accounting guidance is effective beginning January 1, 2014 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date and retrospective application is permitted. The Company does not expect the adoption of ASU 2013-11 to have a material impact on its financial statements.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share	'
Earnings Per Share	'
	2. Earnings Per Share

	Basic earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation for the period by the weighted-average number of shares outstanding during the period. Diluted earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation for the period by the weighted-average number of shares outstanding during the period, assuming all potentially dilutive common shares were issued.

	The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method excludes the effect of any contingently issuable securities where the contingency has not been met and the effect of securities that would be anti-dilutive. Anti-dilutive securities may include:

	outstanding stock-based compensation awards representing shares from restricted stock units and stock options;

	stock assumed to be issued related to convertible notes; and

	sold warrants related to the Company’s Convertible notes due 2014.

	The computation also excludes shares related to the assumed issuance of the Convertible notes due 2014 and related purchased options as they are currently to be settled only in cash. Shares associated with anti-dilutive securities are outlined in the table below.

	The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions, except share and per share data)
	Net (loss) income attributable to PHH Corporation	$	-52	$	-42	$	90	$	-24
	Weighted-average common shares outstanding — basic	57,383,139		56,842,323		57,318,131		56,768,027
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)	—		—		207,572		—
	Conversion of debt securities	—		—		7,977,723		—
	Weighted-average common shares outstanding — diluted	57,383,139		56,842,323		65,503,426		56,768,027

	Basic (loss) earnings per share attributable to PHH Corporation	$	-0.9	$	-0.74	$	1.58	$	-0.42
	Diluted (loss) earnings per share attributable to PHH Corporation	$	-0.9	$	-0.74	$	1.38	$	-0.42

	Anti-dilutive securities excluded from the computation of dilutive securities:
	Outstanding stock-based compensation awards	2,037,307		2,356,488		688,338		2,356,488
	Assumed conversion of debt securities	8,274,740		5,494,884		—		3,750,848

	_______________
	(1) Represents incremental shares from restricted stock units and stock options. For both the three and nine months ended September 30, 2013, excludes 724,598 shares that are contingently issuable for which the contingency has not been met.

Restricted_Cash_Cash_Equivalen

Restricted Cash, Cash Equivalents and Investments	9 Months Ended
	Sep. 30, 2013
Restricted Cash, Cash Equivalents and Investments	'
Restricted Cash, Cash Equivalents and Investments	'
	3. Restricted Cash, Cash Equivalents and Investments

	The following table summarizes Restricted cash, cash equivalents and investment balances:

		September 30,		December 31,
		2013		2012
		(In millions)
	Restricted cash and cash equivalents	$	254	$	304
	Restricted investments, at fair value	—		121
	Total	$	254	$	425

	In 2013, the Company terminated its remaining reinsurance agreement. As a result, the restricted cash and investments held in trust to pay future losses were released and the remaining liability was settled with the primary mortgage insurer. As of September 30, 2013, the Company no longer had any restricted investments classified as available-for-sale securities since the investments were sold in order to distribute unrestricted cash to the Company and primary mortgage insurer pursuant to the termination agreement. See Note 12, “Credit Risk” for information regarding the termination.

	The following table summarizes Restricted investments, at fair value as of December 31, 2012:

		Amortized		Fair		Unrealized		Unrealized		Weighted-
		Cost		Value		Gains		Losses		average
										remaining
										maturity
		(In millions)
	Corporate securities	$	30	$	31	$	1	$	—	25 mos.
	Agency securities (1)	39		39		—		—		21 mos.
	Government securities	51		51		—		—		19 mos.
	Total	$	120	$	121	$	1	$	—	21 mos.

	_______________
	(1) Represents bonds and notes issued by various agencies including, but not limited to, Fannie Mae, Freddie Mac and Federal Home Loan Banks.

	During the three months ended September 30, 2013, there were no restricted investments classified as available-for-sale securities and no realized gains or losses were recorded. During the nine months ended September 30, 2013, $1 million of realized gains and $1 million of realized losses from the sale of available-for-sale securities were recorded.

	During the three months ended September 30, 2012, the amount of realized gains and losses from the sale of available-for-sale securities were not significant. During the nine months ended September 30, 2012, realized gains of $1 million from the sale of available-for-sale securities were recorded and realized losses were not significant.

Transfers_and_Servicing_of_Mor

Transfers and Servicing of Mortgage Loans	9 Months Ended
Transfers and Servicing of Mortgage Loans	Sep. 30, 2013
Transfers and Servicing of Mortgage Loans	'
Transfers and Servicing of Mortgage Loans	'
	4. Transfers and Servicing of Mortgage Loans

	Residential mortgage loans are sold through one of the following methods: (i) sales to or pursuant to programs sponsored by Fannie Mae, Freddie Mac and Ginnie Mae, or (ii) sales to private investors. The Company may have continuing involvement in mortgage loans sold by retaining one or more of the following: servicing rights and servicing obligations; recourse obligations; and/or beneficial interests (such as interest-only strips, principal-only strips, or subordinated interests). See Note 12, “Credit Risk” for a further description of recourse obligations.

	The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights, loans held for sale, and the servicing portfolio associated with loans subserviced for others. The total servicing portfolio was $228.0 billion and $183.7 billion as of September 30, 2013 and December 31, 2012, respectively. The increase in the total servicing portfolio relates to the assumption of a subservicing portfolio in 2013.

	Mortgage servicing rights (“MSRs”) recorded in the Condensed Consolidated Balance Sheets are related to the capitalized servicing portfolio and are created either through the direct purchase of servicing from a third party or through the sale of an originated loan.

	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of:

		Nine Months Ended
		September 30,
		2013		2012
		(In millions)
	Balance, beginning of period	$	140,381	$	147,088
	Additions	19,031		24,794
	Payoffs, sales and curtailments	-28,254		-27,102
	Balance, end of period	$	131,158	$	144,780

	The activity in capitalized MSRs consisted of:

		Nine Months Ended
		September 30,
		2013		2012
		(In millions)
	Balance, beginning of period	$	1,022	$	1,209
	Additions	209		244
	Changes in fair value due to:
	Realization of expected cash flows	-220		-199
	Changes in market inputs or assumptions used in the valuation model	226		-252
	Balance, end of period	$	1,237	$	1,002

	The value of MSRs is driven by the net positive cash flows associated with servicing activities. These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Loan servicing income as follows:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	Servicing fees from capitalized portfolio	$	95	$	106	$	294	$	329
	Late fees	5		5		14		15
	Other ancillary servicing revenue	12		10		31		30


	As of September 30, 2013 and December 31, 2012, the MSRs had a weighted-average life of approximately 5.8 years and 4.3 years, respectively. See Note 15, “Fair Value Measurements”, for additional information regarding the valuation of MSRs.

	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:

		Nine Months Ended
		September 30,
		2013		2012
		(In millions)
	Proceeds from new loan sales or securitizations	$	19,401	$	25,895
	Servicing fees from capitalized portfolio(1)	294		329
	Other cash flows on retained interests (2)	—		5
	Purchases of delinquent or foreclosed loans (3)	-50		-70
	Servicing advances (4)	-1,003		-975
	Repayment of servicing advances	946		942


	_______________
	(1) Excludes late fees and other ancillary servicing revenue.

	(2) Represents cash flows received on retained interests other than servicing fees.

(3) Excludes indemnification payments to investors and insurers of the related mortgage loans.

(4) As of September 30, 2013 and December 31, 2012, outstanding servicing advance receivables related to our total servicing portfolio of $536 million and $293 million, respectively, were included in Accounts receivable, net.

During the three and nine months ended September 30, 2013, pre-tax gains of $214 million and $642 million, respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on mortgage loans, net in the Condensed Consolidated Statements of Operations.

During the three and nine months ended September 30, 2012, pre-tax gains of $263 million and $689 million, respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on mortgage loans, net in the Condensed Consolidated Statements of Operations.

Derivatives

Derivatives	9 Months Ended
Derivatives	Sep. 30, 2013
Derivatives	'
Derivatives	'
	5. Derivatives

	Derivative instruments and the risks they manage are as follows:

	■	Forward delivery commitments—Related to interest rate and price risk for Mortgage loans held for sale and interest rate lock commitments

	■	Option contracts— Related to interest rate and price risk for Mortgage loans held for sale and interest rate lock commitments

	■	MSR-related agreements—Related to interest rate risk for Mortgage servicing rights

	■	Interest rate contracts—Related to interest rate risk for variable-rate debt arrangements and fixed-rate leases

	■	Convertible note-related agreements—Related to the issuance of the Convertible notes due in 2014

	■	Foreign exchange contracts—Related to exposure to currency fluctuations that would impact our investment in or borrowings related to our Canadian operations

	Derivative instruments are recorded in Other assets and Other liabilities in the Condensed Consolidated Balance Sheets. The Company does not have any derivative instruments designated as hedging instruments.

	DERIVATIVE ACTIVITY

	The following table summarizes the gross notional amount of derivatives:

			September 30,			December 31,
			2013			2012
			(In millions)
	Notional amounts:
	Interest rate lock commitments		$	1,982		$	4,993
	Forward delivery commitments		6,539			12,303
	Option contracts		610			1,070
	Interest rate contracts		715			614
	Convertible note-related agreements(1)		—			—
	MSR-related agreements		—			3,915


	_______________
	(1) The notional of derivative instruments underlying the Convertible-note related agreements is 9.6881 million shares of the Company’s Common stock. These instruments relate to the issuance of the Convertible notes due 2014.

	The Company is exposed to risk in the event of non-performance by counterparties to our derivative contracts. In general, the Company manages such risk by evaluating the financial position and creditworthiness of counterparties, monitoring the amount of exposure and/or dispersing the risk among multiple counterparties. The Company’s derivatives may also be governed by an ISDA or an MSFTA, and bilateral collateral agreements are in place with certain counterparties. When the Company has more than one outstanding derivative transaction with a single counterparty and a legally enforceable master netting agreement is in effect with that counterparty, the Company considers its exposure to be the net fair value of all positions with that counterparty including the value of any cash collateral amounts posted or received.

	The Company also has collateral posting arrangements with certain counterparties that do not qualify for net presentation. As of both September 30, 2013 and December 31, 2012, $1 million was recorded in Other assets in the Condensed Consolidated Balance Sheets for collateral that did not qualify for net presentation.

	In addition, the Company has global netting arrangements with certain counterparties whereby the Company’s outstanding derivative and cash collateral positions may be settled net against amounts outstanding under borrowing arrangements and other obligations when an event of default has occurred. These amounts are not presented net in the Condensed Consolidated Balance Sheets as the netting provisions are contingent upon an event of default.

	The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting:

			September 30, 2013

			Gross Assets			Offsetting			Cash Collateral			Net Amount
			Gross Assets			Payables			Paid			Net Amount
			(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments		$	22		$	-45		$	24		$	1
	Not subject to master netting arrangements:
	Interest rate lock commitments		62			—			—			62
	Forward delivery commitments		3			—			—			3
	Option contracts		1			—			—			1
	Interest rate contracts		2			—			—			2
	Convertible note-related agreements		18			—			—			18
	Derivative assets not subject to netting		86			—			—			86
	Total derivative assets		$	108		$	-45		$	24		$	87

			Gross Liabilities			Offsetting			Cash Collateral			Net Amount
Receivables			Gross Liabilities			Paid						Net Amount
			(In millions)
LIABILITIES
Subject to master netting arrangements:
Forward delivery commitments		$	59		$	-45		$	-10		$	4
Not subject to master netting arrangements:
Forward delivery commitments		10			—			—			10
Convertible note-related agreements		18			—			—			18
Derivative liabilities not subject to netting		28			—			—			28
Total derivative liabilities		$	87		$	-45		$	-10		$	32

		December 31, 2012
		Gross Assets			Offsetting			Cash Collateral			Net Amount
		Gross Assets			Payables			(Received) Paid			Net Amount
		(In millions)
ASSETS
Subject to master netting arrangements:
Forward delivery commitments		$	10		$	-12		$	5		$	3
MSR-related agreements		5			-4			-1			—
Derivative assets subject to netting		15			-16			4			3
Not subject to master netting arrangements:
Interest rate lock commitments		140			—			—			140
Forward delivery commitments		5			—			—			5
Option contracts		2			—			—			2
Interest rate contracts		1			—			—			1
Convertible note-related agreements		27			—			—			27
Derivative assets not subject to netting		175			—			—			175
Total derivative assets		$	190		$	-16		$	4		$	178

		Gross Liabilities			Offsetting			Cash Collateral			Net Amount
		Gross Liabilities			Receivables			(Paid) Received			Net Amount
		(In millions)
LIABILITIES
Subject to master netting arrangements:
Forward delivery commitments		$	14		$	-12		$	-1		$	1
MSR-related agreements		—			-4			9			5
Derivative liabilities subject to netting		14			-16			8			6
Not subject to master netting arrangements:
Interest rate lock commitments		1			—			—			1
Forward delivery commitments		5			—			—			5
Convertible note-related agreements		27			—			—			27
Derivative liabilities not subject to netting		33			—			—			33
Total derivative liabilities		$	47		$	-16		$	8		$	39

The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(In millions)
Gain on mortgage loans, net:
Interest rate lock commitments		$	136		$	425		$	405		$	1,185
Forward delivery commitments		-22			-152			217			-305
Options contracts		-1			-4			17			-14
Net derivative gain (loss) related to mortgage servicing rights:
MSR-related agreements		—			8			-17			5

Fleet interest expense:
Interest rate contracts		-1			—			-1			-1
Foreign exchange contracts		—			-2			—			-1

Vehicle_Leasing_Activities

Vehicle Leasing Activities	9 Months Ended
	Sep. 30, 2013
Vehicle Leasing Activities	'
Vehicle Leasing Activities	'
	6. Vehicle Leasing Activities

	The following table summarizes the components of Net investment in fleet leases:

		September 30,		December 31,
		2013		2012
		(In millions)
	Operating Leases:
	Vehicles under open-end operating leases	$	8,167	$	8,174
	Vehicles under closed-end operating leases	142		154
	Vehicles under operating leases	8,309		8,328
	Less: Accumulated depreciation	-4,932		-4,959
	Net investment in operating leases	3,377		3,369

	Direct Financing Leases:
	Lease payments receivable	96		91
	Less: Unearned income	-2		—
	Net investment in direct financing leases	94		91

	Off-Lease Vehicles:
	Vehicles not yet subject to a lease	225		169
	Vehicles held for sale	11		15
	Less: Accumulated depreciation	-6		-8
	Net investment in off-lease vehicles	230		176
	Total	$	3,701	$	3,636

Other_Assets

Other Assets	9 Months Ended
	Sep. 30, 2013
Other Assets	'
Other Assets	'
	7. Other Assets

	Other assets consisted of:

		September 30,		December 31,
		2013		2012
		(In millions)
	Mortgage loans in foreclosure, net	$	162	$	120
	Repurchase eligible loans(1)	90		99
	Derivatives	87		178
	Real estate owned, net	50		53
	Deferred financing costs	44		49
	Equity method investments	42		38
	Intangible assets	29		31
	Other	56		48
	Total	$	560	$	616

	_______________
	(1) Repurchase eligible loans represent sold mortgage loans that are held by investors where the Company has the right, but not the obligation, to repurchase the loan. Corresponding liabilities related to the loan balances were recorded within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets.

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2013
Accounts Payable and Accrued Expenses	'
Accounts Payable and Accrued Expenses	'
	8. Accounts Payable and Accrued Expenses

	Accounts payable and accrued expenses consisted of:
		September 30,		December 31,
		2013		2012
		(In millions)
	Accounts payable	$	286	331
	Subservicing advance liabilities(1)	273		24
	Repurchase eligible loans	90		99
	Accrued payroll and benefits	67		80
	Accrued interest	16		32
	Other	18		20
	Total	$	750	$	586

	_______________

	(1) Amounts were reclassified from prior presentation in Other liabilities.

	The Company is required under most of our mortgage servicing agreements to advance our own funds to meet contractual principal and interest payments for certain investors and to pay taxes, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced. Servicing advance receivables are reduced by the collection of principal and interest or escrow payments from the respective borrowers, or upon foreclosure or liquidation. Amounts advanced as the servicer and subservicer of mortgage loans are recorded within Accounts receivable in the accompanying Condensed Consolidated Balance Sheets.

	Under the terms of certain subservicing arrangements, the Company has required the subservicing counterparty to fund servicing advances for their respective portfolios of subserviced loans. A subservicing advance liability is recorded for cash received from the counterparty to fund advances, and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables. Amounts received from counterparties to fund subservicing advances are recorded within Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets.

	In 2013, the Company assumed the role of subservicer for a mortgage loan portfolio with an unpaid principal balance of $47 billion. As of September 30, 2013, the subservicing portfolio that was assumed had related balances of servicing advance receivables and liabilities of $254 million and $240 million, respectively.

Other_Liabilities

Other Liabilities	9 Months Ended
	Sep. 30, 2013
Other Liabilities	'
Other Liabilities	'
	9. Other Liabilities

	Other liabilities consisted of:
		September 30,		December 31,
		2013		2012
		(In millions)
	Loan repurchase and indemnification liability	$	132	$	140
	Derivatives	32		39
	Pension and other post employment benefits liability	15		15
	Lease syndication liability	12		16
	Liability for reinsurance losses(1)	—		33
	Other	34		36
	Total	$	225	$	279

	_______________

	(1) Decrease in balance relates to the termination of the remaining inactive reinsurance contract. See Note 12, “Credit Risk” for further discussion.

Debt_and_Borrowing_Arrangement

Debt and Borrowing Arrangements	9 Months Ended
Debt and Borrowing Arrangements	Sep. 30, 2013
Debt and Borrowing Arrangements	'
Debt and Borrowing Arrangements	'
	10. Debt and Borrowing Arrangements


	The following table summarizes the components of Debt:
			September 30, 2013					December 31, 2012
						Wt. Avg-					Wt. Avg-
						Interest					Interest
			Balance			Rate(1)		Balance			Rate(1)
			(In millions)
	Term notes, in amortization		$	930		1.2 %		$	424		2.2 %
	Term notes, in revolving period		1,300			0.7 %		1,593			1.0 %
	Variable-funding notes		1,259			1.7 %		1,415			1.6 %
	Other		18			5.0 %		25			5.1 %
	Vehicle Management Asset-Backed Debt		3,507					3,457

	Secured Canadian credit facility		—			—%		—			—%

	Committed warehouse facilities		988			1.9 %		1,875			2.0 %
	Uncommitted warehouse facilities		—			—%		—			—%
	Servicing advance facility		64			2.7 %		66			2.7 %
	Mortgage Asset-Backed Debt		1,052					1,941

	Term notes		803			7.3 %		732			8.5 %
	Convertible notes(2)		446			5.0 %		424			5.0 %
	Unsecured credit facilities		—			—%		—			—%
	Unsecured Debt		1,249					1,156

	Total		$	5,808				$	6,554

	_______________
	(1) Represents the weighted-average stated interest rate of outstanding debt as of the respective date, which may be different from the effective rate due to the amortization of premiums, discounts and issuance costs. Facilities are variable-rate, except for the Unsecured Term notes and Convertible notes which are fixed-rate.

	(2) Balance is net of unamortized discounts of $54 million and $76 million as of September 30, 2013 and December 31, 2012, respectively. The effective interest rate of the Convertible notes is 13%, which includes the accretion of the discount and issuance costs.

	Assets held as collateral for asset-backed borrowing arrangements that are not available to pay the Company’s general obligations as of September 30, 2013 consisted of:
			Vehicle			Mortgage
			Asset-Backed			Asset-Backed
			Debt			Debt
			(In millions)
	Restricted cash and cash equivalents		$	212		$	7
	Accounts receivable		43			80
	Mortgage loans held for sale (unpaid principal balance)		—			1,023
	Net investment in fleet leases		3,653			—
	Total		$	3,908		$	1,110

	The following table provides the contractual debt maturities as of September 30, 2013:

			Vehicle			Mortgage
			Asset-Backed			Asset-Backed			Unsecured
			Debt(1)			Debt			Debt(2)			Total
			(In millions)
	Within one year		$	887		$	1,052		$	250		$	2,189
	Between one and two years		1,074			—			—			1,074
	Between two and three years		860			—			170			1,030
	Between three and four years		497			—			250			747
	Between four and five years		177			—			8			185
	Thereafter		12			—			625			637
			$	3,507		$	1,052		$	1,303		$	5,862

	_______________

	(1) Maturities of vehicle management asset-backed notes, a portion of which are amortizing in accordance with their terms, represent estimated payments based on the expected cash inflows related to the securitized vehicle leases and related assets.

(2) Maturities of convertible notes have been reflected based on the contractual maturity date. Under certain circumstances prior to the contractual maturity date, the convertible notes may be converted. If this happens, the principal portion of the notes would be due in cash and the conversion premium, if any, may be settled in cash.

Capacity under all borrowing agreements is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements. Available capacity under asset-backed funding arrangements may be further limited by asset eligibility requirements. Available capacity under committed borrowing arrangements as of September 30, 2013 consisted of:
					Utilized			Available
		Capacity			Capacity			Capacity
		(In millions)
Vehicle Management Asset-Backed Debt:
Term notes, in revolving period		$	1,300		$	1,300		$	—
Variable-funding notes		2,092			1,259			833

Secured Canadian credit facility		121			—			121

Mortgage Asset-Backed Debt:
Committed warehouse facilities		3,143			988			2,155
Servicing advance facility		120			64			56

Unsecured credit facilities(1)		305			—			305


_______________

(1) Capacity amount shown reflects the contractual maximum capacity of the facility. The available capacity of this facility is subject to the satisfaction of compliance with a borrowing base coverage ratio test.

Capacity for Mortgage asset-backed debt shown above excludes $2.3 billion not drawn under uncommitted facilities. See Note 15, “Fair Value Measurements,” for the measurement of the fair value of Debt.

VEHICLE MANAGEMENT ASSET-BACKED DEBT

On June 13, 2013, Chesapeake Funding LLC (“Chesapeake”) issued $700 million of Series 2013-1 Term notes. Proceeds from the notes were used to repay a portion of the Series 2010-1 notes and Series 2011-1 notes.

On June 26, 2013, Chesapeake extended the revolving period of the 2010-1 Variable-funding notes to July 26, 2013.

On July 10, 2013, Chesapeake issued Series 2013-2 and Series 2013-3 Variable-funding notes with available commitments of $780 million and $520 million, respectively. The revolving periods of the Series 2013-2 and Series 2013-3 notes end July 9, 2014 and July 10, 2015, respectively. Proceeds of the issuance were used to fully repay the existing Chesapeake Series 2010-1 and Series 2011-1 Variable-funding notes.

On August 15, 2013, Chesapeake fully repaid the Series 2009-2 Term notes with available cash.

On August 30, 2013, the Fleet Leasing Receivables Trust (“FLRT”) 2010-2 Series was amended to extend the maturity date to August 29, 2014.

MORTGAGE ASSET-BACKED DEBT

On May 22, 2013, $675 million of commitments under the variable-rate mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC were extended. The expiration of the facility is based on a 364-day rolling term and may continue, at CSFB’s option, until the stated expiration of May 22, 2015.

On June 21, 2013, the Company extended the term of $250 million of commitments with The Royal Bank of Scotland plc to June 20, 2014, and entered into terms for $250 million of uncommitted capacity with the lender.

On September 24, 2013, the committed facility with Fannie Mae that provides for the early reimbursement of certain servicing advances made on behalf of Fannie Mae was extended to December 31, 2013.

UNSECURED DEBT

Term Notes

On August 20, 2013, the Company completed an offering of $350 million in aggregate principal amount of 6.375% Senior notes due 2021 under an existing indenture, dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee. The Company realized net proceeds of $342 million from the issuance after deducting underwriting fees. The notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all existing and future senior unsecured debt. The notes are redeemable by the Company at any time after August 15, 2017 and in accordance with the optional redemption clause in the indenture. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2014. The notes will mature on August 15, 2021, unless previously redeemed in accordance with their terms.

Proceeds from the offering were used to repay $280 million of aggregate principal of the Senior notes due 2016 and to pay the $50 million tender premium plus related fees and expenses. A pre-tax loss of $54 million was recorded in Other operating expenses in the Condensed Consolidated Statements of Operations related to the early repayment of the notes.

Convertible Notes

As of September 30, 2013, Convertible notes included: (i) $250 million of 4.0% Convertible notes with a maturity date of September 1, 2014; and (ii) $250 million of 6.0% Convertible notes with a maturity date of June 15, 2017.

As of September 30, 2013, the Convertible notes due 2014 do not meet the requirements for conversion and there have been no conversions of the notes since issuance.

Holders of the Convertible notes due 2017 may convert all or any portion of the notes, at their option, prior to December 15, 2016 only upon the occurrence of certain triggering events related to (i) the price of the notes, (ii) the price of the Company’s Common stock, or (iii) upon the occurrence of specified corporate events. Holders of the Convertible notes due 2017 may also convert all or any portion of the notes at any time, at their option from, and including, December 15, 2016 through the third scheduled trading day immediately preceding the maturity date. Upon conversion, the principal amount of the converted notes is payable in cash and the Company will pay or deliver (at its election): (i) cash; (ii) shares of the Company’s Common stock; or (iii) a combination of cash and shares of the Company’s Common stock; to settle amounts due if the conversion value exceeds the principal of the converted notes. As of September 30, 2013, the if-converted value exceeded the principal amount of the notes by $214 million, and the notes met the requirements for conversion.

DEBT COVENANTS

Certain debt arrangements require the maintenance of certain financial ratios and contain other affirmative and negative covenants, termination events, and other restrictions, including, but not limited to, covenants relating to material adverse changes, liquidity maintenance, restrictions on indebtedness of the Company and its material subsidiaries, mergers, liens, liquidations, sale and leaseback transactions, and restrictions on certain types of payments, including dividends and stock repurchases. Certain other debt arrangements, including the Fannie Mae committed facility, contain provisions that permit the Company or our counterparty to terminate the arrangement upon the occurrence of certain events.

There were no significant amendments to the terms of financial debt covenants, or the terms of facility termination events, during the nine months ended September 30, 2013. As of September 30, 2013, the Company was in compliance with all financial covenants related to its debt arrangements.

Under certain of the Company’s financing, servicing, hedging and related agreements and instruments, the lenders or trustees have the right to notify the Company if they believe it has breached a covenant under the agreements and may declare an event of default. If one or more notices of default were to be given, the Company believes it would have various periods in which to cure certain of such events of default. If the Company does not cure the events of default or obtain necessary waivers within the required time periods, the maturity of certain debt agreements could be accelerated and the ability to incur additional indebtedness could be restricted. In addition, an event of default or acceleration under certain agreements and instruments would trigger cross-default provisions under certain of the Company’s other agreements and instruments.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes	'
Income Taxes	'
	11. Income Taxes

	Interim income tax expense or benefit is recorded by applying a projected full-year effective income tax rate to the quarterly Income before income taxes for results that are deemed to be reliably estimable. Certain results dependent on fair value adjustments of the Mortgage Production and Mortgage Servicing segments are considered not to be reliably estimable, and therefore, discrete year-to-date income tax provisions are recorded on those results.

	The following table and discussion summarizes items that significantly impacted Income tax expense or benefit and increased (decreased) the effective tax rate:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	State and local income taxes, net of federal tax benefits	$	-2	$	-4	$	8	$	-3
	Changes in rate and apportionment factors	—		—		-2		-6
	Changes in valuation allowance	2		-1		2		-1
	Noncontrolling interest	-2		-8		-11		-17


	State and local income taxes, net of federal tax benefits. Represents the impact to the effective tax rate from the pre-tax income or loss as well as the mix of income and loss from the operations by entity and state income tax jurisdiction. The effective state tax rate was higher for the nine months ended September 30, 2013 as compared to 2012.

	Changes in rate and apportionment factors. Represents the impact to the effective tax rate from deferred tax items for changes in apportionment factors and tax rate. For the nine months ended September 30, 2013 and 2012, the amount represents the impact of applying statutory changes to apportionment weight, apportionment sourcing and corporate income tax rates that were enacted by various states, primarily New Jersey.

	Changes in valuation allowance. Represents the impact to the effective tax rate from state loss carryforwards generated during the year for which the Company believes it is more likely than not that the amounts will not be realized. For the nine months ended September 30, 2013, the change was primarily driven by state tax losses generated by our mortgage business.

	Noncontrolling interest. Represents the impact to the effective tax rate from Realogy Corporation’s portion of income taxes related to the income or loss attributable to PHH Home Loans. The impact is driven by PHH Home Loans’ election to report as a partnership for federal and state income tax purposes, whereby, the tax expense is reported by the individual LLC members. Accordingly, the Company’s Income tax expense includes only its proportionate share of the income tax related to the income generated by PHH Home Loans.

Credit_Risk

Credit Risk	9 Months Ended
Credit Risk	Sep. 30, 2013
Credit Risk	'
Credit Risk	'
	12. Credit Risk

	The Company is subject to the following forms of credit risk:

	■	Consumer credit risk—through mortgage banking activities as a result of originating and servicing residential mortgage loans

	■	Commercial credit risk—through fleet management and leasing activities

	■	Counterparty credit risk—through derivative transactions, sales agreements and various mortgage loan origination and servicing agreements

	Consumer Credit Risk

	The Company is not subject to the majority of the risks inherent in maintaining a mortgage loan portfolio because loans are not held for investment purposes and are generally sold to investors within 30 days of origination. The majority of mortgage loan sales are on a non-recourse basis; however, the Company has exposure in certain circumstances in its capacity as a loan originator and servicer to loan repurchases and indemnifications through representation and warranty provisions.

	The following tables summarize certain information regarding the total loan servicing portfolio, which includes loans associated with the capitalized Mortgage servicing rights as well as loans subserviced for others:

			September 30,				December 31,
			2013				2012
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	132,899			$	142,930
	Subserviced(1)		95,074				40,800
	Total		$	227,973			$	183,730
	Conventional loans		$	192,450			$	149,432
	Government loans		29,672				29,842
	Home equity lines of credit		5,851				4,456
	Total		$	227,973			$	183,730
	Weighted-average interest rate		4.1		%		4.3		%


			September 30, 2013						December 31, 2012
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(2)
	30 days		2.38	%		1.8	%		2.45	%	1.93	%
	60 days		0.77	%		0.61	%		0.64	%	0.52	%
	90 or more days		1.07	%		0.93	%		0.8	%	0.7	%
	Total(1)		4.22	%		3.34	%		3.89	%	3.15	%
	Foreclosure/real estate owned(3)		2.45	%		2.39	%		2.05	%	1.92	%

	_______________

	-1	The total servicing portfolio increased during 2013 due to the assumption of a new subservicing portfolio. Excluding the subservicing portfolio assumed during 2013, the Company’s total portfolio delinquency and foreclosure/real estate owned based on the number of loans were 3.77% and 1.92%, respectively, and based on the unpaid principal balance were 2.83% and 1.70%, respectively.

	-2	Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.

	-3	As of September 30, 2013 and December 31, 2012, the total servicing portfolio included 25,268 and 17,329 of loans in foreclosure with an unpaid principal balance of $4.8 billion and $3.0 billion, respectively. Excluding the subservicing portfolio assumed during 2013, the Company’s total servicing portfolio included 15,071 of loans in foreclosure with an unpaid principal balance of $2.7 billion.

	Repurchase and Foreclosure-Related Reserves

	Representations and warranties are provided to investors and insurers on a significant portion of loans sold and are also assumed on purchased mortgage servicing rights. In the event of a breach of these representations and warranties, the Company may be required to repurchase the mortgage loan or indemnify the investor against loss. If there is no breach of a representation and warranty provision, there is no obligation to repurchase the loan or indemnify the investor against loss. In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator. Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and for on-balance sheet loans in foreclosure and real estate owned.

	A summary of the activity in repurchase and foreclosure-related reserves is as follows:

			Nine Months Ended
			September 30,
			2013			2012
			(In millions)
	Balance, beginning of period		$	191		$	127
	Realized losses		-52			-109
	Increase in reserves due to:
	Changes in assumptions		26			145
	New loan sales		15			13
Balance, end of period		$	180		$	176


Repurchase and foreclosure-related reserves consist of the following:

Loan Repurchases and Indemnifications

The maximum exposure to representation and warranty provisions exceeds the amount of loans in the capitalized portfolio of $131.2 billion; however, the maximum amount of losses cannot be estimated because the Company does not service all of the loans for which it has provided representations or warranties. As of September 30, 2013, approximately $204 million of loans have been identified in which the Company has full risk of loss or has identified a breach of representation and warranty provisions; 15% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans).

As of September 30, 2013 and December 31, 2012, liabilities for probable losses related to repurchase and indemnification obligations of $132 million and $140 million, respectively, are included in Other liabilities in the Condensed Consolidated Balance Sheets. The liability for loan repurchases and indemnifications represents management’s estimate of probable losses based on the best information available and requires the application of a significant level of judgment and the use of a number of assumptions. These assumptions include the estimated amount and timing of repurchase and indemnification requests, the expected success rate in defending against requests, estimated insurance claim proceeds and denials and estimated loss severities on repurchases and indemnifications. The liability for loan repurchases and indemnifications does not reflect losses from litigation or governmental and regulatory examinations, investigations or inquiries.

While the Company uses the best information available in estimating the liability, actual experience can vary significantly from the assumptions as the estimation process is inherently uncertain. Given the increased levels of repurchase requests and repurchase and foreclosure-related charges in recent periods, there is a reasonable possibility that future losses may be in excess of the recorded liability. As of September 30, 2013, the estimated amount of reasonably possible losses in excess of the recorded liability was approximately $35 million which primarily relates to our estimate of repurchase and foreclosure-related charges that may not be reimbursed pursuant to government mortgage insurance programs in the event we do not file insurance claims. The estimate is based on our expectation of future defaults and the historical defect rate for government insured loans. The Company’s estimate of reasonably possible losses does not represent probable losses and is based upon significant judgments and assumptions which can be influenced by many factors, including: (i) home prices and the levels of home equity; (ii) the criteria used by investors in selecting loans to request; (iii) the quality of our underwriting procedures; (iv) borrower delinquency and default patterns; and (v) general economic conditions.

Mortgage Loans in Foreclosure and Real Estate Owned

The carrying values of the mortgage loans in foreclosure and real estate owned were recorded within Other assets in the Condensed Consolidated Balance Sheets as follows:

		September 30,			December 31,
		2013			2012
		(In millions)
Mortgage loans in foreclosure(1)		$	187		$	148
Allowance for probable foreclosure losses		-25			-28
Mortgage loans in foreclosure, net		$	162		$	120
Real estate owned		$	73		$	76
Adjustment to value for real estate owned		-23			-23
Real estate owned, net		$	50		$	53

_______________

-1	Includes $106 million and $65 million of recoverable advances as of September 30, 2013 and December 31, 2012, respectively.

Mortgage Reinsurance

In 2013, the Company terminated its remaining inactive reinsurance contract which settled the liability and exposure to loss under that contract and released the $118 million restricted cash and investments held in trust to pay future losses. The primary mortgage insurer received a $49 million termination payment from the trust account and the Company received the remaining $69 million unrestricted cash balance. During the nine months ended September 30, 2013, the termination resulted in a pre-tax loss of $21 million which was recorded in Loan servicing income in the Condensed Consolidated Statements of Operations.

In 2012, the Company terminated one of its inactive reinsurance contracts. During the nine months ended September 30, 2012, this termination resulted in a pre-tax loss of $16 million which was recorded in Loan servicing income in the Condensed Consolidated Statements of Operations.

A summary of the activity in the liability for reinsurance losses is as follows:

		Nine Months Ended
		September 30,
		2013			2012
		(In millions)
Balance, beginning of period		$	33		$	84
Realized losses(1)		-35			-57
Increase in liability for reinsurance losses		2			13
Balance, end of period		$	—		$	40

_______________

-1	Realized reinsurance losses for the nine months ended September 30, 2013 and 2012 includes $28 million and $21 million, respectively, related to the release of reserves associated with the termination of inactive reinsurance agreements.

Commercial Credit Risk

Vehicle leases are primarily classified as operating leases; however, certain leases are classified as direct financing leases and recorded within Net investment in fleet leases in the Condensed Consolidated Balance Sheets. As of September 30, 2013 and December 31, 2012, both direct financing leases greater than 90 days past due and direct financing leases greater than 90 days past due that are still accruing interest were $2 million and $5 million, respectively, and there were no allowances for credit losses related to direct financing leases at the end of either period.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	13. Commitments and Contingencies

	LEGAL CONTINGENCIES

	The Company and its subsidiaries are defendants in various legal proceedings, which include private and civil litigation as well as government and regulatory examinations, investigations and inquiries or other requests for information. These matters are at varying procedural stages and primarily relate to contractual disputes and other commercial, employment and tax claims. The resolution of these various matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. Alternately, the Company may engage in settlement discussions on certain matters in order to avoid the additional costs of engaging in litigation.

	Reserves are established for pending or threatened litigation, claims or assessments when it is probable that a loss has been incurred and the amount of such loss can be reasonably estimated. In light of the inherent uncertainties involved in litigation and other legal proceedings, it is not always possible to determine a reasonable estimate of the amount of a probable loss, and the Company may estimate a range of possible loss for consideration in its estimates. The estimates are based upon currently available information and involve significant judgment taking into account the varying stages and inherent uncertainties of such matters. Accordingly, the Company’s estimates may change from time to time and such changes may be material to the consolidated financial results. Given the inherent uncertainties and status of the Company’s outstanding legal proceedings, the range of reasonably possible loss cannot be estimated for all matters. For matters where the Company can estimate the range of losses, the aggregate estimated amount of reasonably possible losses in excess of the recorded liability was $10 million as of September 30, 2013.

	As of September 30, 2013, the Company’s recorded reserves associated with legal and regulatory contingencies were not material. However, there can be no assurance that the ultimate resolution of the Company’s pending or threatened litigation, claims or assessments will not result in losses in excess of the Company’s recorded reserves. As a result, the ultimate resolution of any particular legal matter, or matters, could be material to the Company’s results of operations or cash flows for the period in which such matter is resolved.

	The following are descriptions of the Company’s significant legal and regulatory matters, which may involve loss contingencies.

	Contingencies Involving Mortgage Origination and Servicing Practices

	The Company has received inquiries and requests for information from, and is subject to investigations by, regulators and attorneys general of certain states, the U.S. Department of Housing and Urban Development, the U.S. Attorney’s Office for the Southern District of New York, the Committee on Oversight and Government Reform of the U.S. House of Representatives and the U.S. Senate Judiciary Committee, requesting information as to the Company’s mortgage origination and servicing practices, including its foreclosure processes and procedures.

	During the second quarter of 2013, the Company received document subpoenas from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) and the U.S. Attorney’s Office for the Southern District of New York. The HUD subpoenas request production of certain documents related to, among other things, our origination and underwriting process for loans insured by the Federal Housing Administration (“FHA”). The U.S. Attorney’s Office subpoena requests production of certain documents related to, among other things, foreclosure expenses that we incurred in connection with the foreclosure of loans insured or guaranteed by FHA, Fannie Mae or Freddie Mac. In addition, the New Jersey Attorney General has conducted an investigation of the Company’s servicing practices and has informed the Company that it believes that the Company has violated the New Jersey Consumer Fraud Act in connection with customer service and other matters related to loss mitigation activities for certain borrowers in the wake of the financial crisis. The Company has also undergone a regulatory examination by a multistate coalition of certain mortgage banking regulators and such regulators have alleged various violations of federal and state laws related to the Company’s mortgage servicing practices prior to July 2011.

	The Company believes it has meritorious defenses to these various allegations. However, there can be no assurance that claims or litigation will not arise from these inquiries, or similar inquiries by other governmental authorities, or that fines, penalties or increased legal costs will not be incurred in connection with these matters.

	In addition to the increased regulatory focus on origination and servicing practices described above, Fannie Mae and Freddie Mac have also had a continued focus on foreclosure practices. They have assessed compensatory fees against the Company for failing to meet certain foreclosure timelines specified in their respective servicing guides. Although such compensatory fees have not been material to date, there can be no assurance that the assessment of any such compensatory fees will not be material to the Company’s results in the future.

	CFPB Investigation

	In January 2012, the Company was notified that the Bureau of Consumer Financial Protection (the “CFPB”) had opened an investigation to determine whether the Company’s mortgage insurance premium ceding practices to captive reinsurers comply with the Real Estate Settlement Procedures Act and other laws enforced by the CFPB. The CFPB has requested certain related documents and information for review and has requested a response to written questions pursuant to a Civil Investigative Demand and the investigative demand is still ongoing. The Company has provided reinsurance services in exchange for premiums ceded and believes that it has complied with the Real Estate Settlement Procedures Act and other laws applicable to the Company’s mortgage reinsurance activities. The Company did not provide reinsurance on loans originated after 2009.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Income	'
Accumulated Other Comprehensive Income	'
	14. Accumulated Other Comprehensive Income

	The after-tax components of Accumulated other comprehensive income (loss) were as follows:

		September 30,		December 31,
		2013		2012
		(In millions)
	Currency translation adjustment	$	29	$	36
	Unrealized gains on available-for-sale securities, net of income taxes of $0 and $0	—		1
	Pension adjustment, net of income tax benefit of $(8) and $(8)	-11		-11
	Total	$	18	$	26

	All components of Accumulated other comprehensive income (loss) are net of income taxes; however, currency translation adjustment excludes income taxes on undistributed earnings of foreign subsidiaries, which are considered to be indefinitely invested.

	There were no amounts of Accumulated other comprehensive income (loss) attributable to noncontrolling interests as of September 30, 2013 and December 31, 2012, or during the respective periods.

	Amounts reclassified out of Accumulated other comprehensive income (loss) related to realized gains and losses from the sale of available-for-sale securities were recorded within Other income in the Condensed Consolidated Statements of Operations. During the three months ended September 30, 2013, there were no investments classified as available-for-sale securities. During the nine months ended September 30, 2013, $1 million of realized gains and $1 million of realized losses from the sale of available-for-sale securities were recorded.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2013
Fair Value Measurements	'
Fair Value Measurements	'
	15. Fair Value Measurements

	For assets and liabilities measured at fair value, there has been no change in the valuation methodologies and classification pursuant to the valuation hierarchy during the nine months ended September 30, 2013. The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of September 30, 2013 or December 31, 2012. Significant inputs to the measurement of fair value and further information on the assets and liabilities measured at fair value are as follows:

	Mortgage Loans Held for Sale. The following table reflects the difference between the carrying amounts of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity:

			September 30, 2013						December 31, 2012
			Total			Loans 90 days or			Total			Loans 90 days or
						more past due and						more past due and
						on non-accrual						on non-accrual
						status						status
			(In millions)
	Mortgage loans held for sale:
	Carrying amount		$	1,155		$	15		$	2,174		$	17
	Aggregate unpaid principal balance		1,143			22			2,126			25
	Difference		$	12		$	-7		$	48		$	-8

	The following table summarizes the components of Mortgage loans held for sale:

			September 30,			December 31,
			2013			2012
			(In millions)
	First mortgages:
	Conforming (1)		$	1,022		$	1,966
	Non-conforming		74			143
	Total first mortgages		1,096			2,109
	Second lien		5			8
	Scratch and Dent (2)		54			56
	Other		—			1
	Total		$	1,155		$	2,174
	_______________
	(1) Represents mortgage loans that conform to the standards of the government-sponsored entities.

	(2) Represents mortgage loans with origination flaws or performance issues.

	Derivative Instruments. The average pullthrough percentage used in measuring the fair value of Interest Rate Lock Commitments (“IRLCs”) was 74% as of both September 30, 2013 and December 31, 2012. The pullthrough percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data. Actual loan pullthrough is compared to the modeled estimates in order to evaluate this assumption each period based on current trends. Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pullthrough percentage, and the impact to fair value of a change in pullthrough would be partially offset by the related change in price.

	Mortgage Servicing Rights. The following tables summarize certain information regarding the initial and ending capitalization rate of Mortgage Servicing Rights (“MSRs”):

			Nine Months Ended
			September 30,
			2013				2012
	Initial capitalization rate of additions to MSRs		1.1	%			0.99	%


			September 30,				December 31,
			2013				2012
	Capitalization servicing rate		0.94	%			0.73	%
	Capitalization servicing multiple		3.2				2.4
	Weighted-average servicing fee (in basis points)		29				30

	The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates):

			September 30,				December 31,
			2013				2012
	Weighted-average prepayment speed (CPR)		11	%			17	%
	Option adjusted spread, in basis points		1,019				1,013
	Weighted-average delinquency rate		5.6	%			6.8	%

	The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:

			September 30, 2013
			Weighted-						Weighted-
		Average			Option			Average
		Prepayment			Adjusted			Delinquency
		Speed			Spread			Rate
		(In millions)
Impact on fair value of 10% adverse change		$	-54		$	-58		$	-23
Impact on fair value of 20% adverse change		-103			-111			-46


These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, this analysis does not assume any impact resulting from management’s intervention to mitigate these variations.

The effect of a variation in a particular assumption is calculated without changing any other assumption and the assumptions used in valuing the MSRs are independently aggregated. Although there are certain inter-relationships among the various key assumptions noted above, changes in one of the significant assumptions would not independently drive changes in the others. The prepayment speed assumptions are highly dependent upon interest rates, which drive borrowers’ propensity to refinance; however, there are other factors that can influence borrower refinance activity. These factors include housing prices, the levels of home equity, underwriting standards and loan product characteristics. The option adjusted spread is a component of the discount rate used to present value the cash flows of the MSR asset and represents the spread over a base interest rate that equates the present value of cash flows of an asset to the market price of that asset. The weighted average delinquency rate is based on the current and projected credit characteristics of the capitalized servicing portfolio and is dependent on economic conditions, home equity and delinquency and default patterns.

Assets and liabilities measured at fair value on a recurring basis were included in the Condensed Consolidated Balance Sheets as follows:

		September 30, 2013
											Cash
		Level			Level			Level			Collateral
		One			Two			Three			and Netting			Total
		(In millions)
ASSETS
Mortgage loans held for sale		$	—		$	1,096		$	59		$	—		$	1,155
Mortgage servicing rights		—			—			1,237			—			1,237
Other assets—Derivative assets:
Interest rate lock commitments		—			—			62			—			62
Forward delivery commitments		—			25			—			-21			4
Option contracts		—			1			—			—			1
Interest rate contracts		—			2			—			—			2
Convertible note-related agreements		—			—			18			—			18
LIABILITIES
Other liabilities—Derivative liabilities:
Forward delivery commitments		$	—		$	69		$	—		$	-55		$	14
Convertible note-related agreements		—			—			18			—			18

		December 31, 2012
											Cash
		Level			Level			Level			Collateral
		One			Two			Three			and Netting			Total
		(In millions)
ASSETS
Restricted investments		$	—		$	121		$	—		$	—		$	121
Mortgage loans held for sale		—			2,110			64			—			2,174
Mortgage servicing rights		—			—			1,022			—			1,022
Other assets—Derivative assets:
Interest rate lock commitments		—			—			140			—			140
Forward delivery commitments		—			15			—			-7			8
Option contracts		—			2			—			—			2
MSR-related agreements		—			5			—			-5			—
Interest rate contracts		—			1			—			—			1
Convertible note-related agreements		—			—			27			—			27
LIABILITIES
Other liabilities—Derivative liabilities:
Interest rate lock commitments		$	—		$	—		$	1		$	—		$	1
Forward delivery commitments		—			19			—			-13			6
MSR-related agreements		—			—			—			5			5
Convertible note-related agreements		—			—			27			—			27

Activity in assets and liabilities classified within Level Three of the valuation hierarchy consisted of:

		Three Months Ended September 30, 2013
								Interest
		Mortgage			Mortgage			rate lock
		loans held			servicing			commitments,
		for sale			rights			net
		(In millions)
Balance, beginning of period		$	55		$	1,247		$	-11
Realized and unrealized gains (losses)		2			-74			136
Purchases		12			—			—
Issuances		2			64			—
Settlements		-12			—			-63
Transfers into Level Three		9			—			—
Transfers out of Level Three		-9			—			—
Balance, end of period		$	59		$	1,237		$	62

		Nine Months Ended September 30, 2013
								Interest
		Mortgage			Mortgage			rate lock
		loans held			servicing			commitments,
		for sale			rights			net
		(In millions)
Balance, beginning of period		$	64		$	1,022		$	139
Realized and unrealized (losses) gains		-10			6			405
Purchases		68			—			—
Issuances		2			209			—
Settlements		-68			—			-482
Transfers into Level Three		34			—			—
Transfers out of Level Three		-31			—			—
Balance, end of period		$	59		$	1,237		$	62

		Three Months Ended September 30, 2012
								Interest
		Mortgage			Mortgage			rate lock
		loans held			servicing			commitments,
		for sale			rights			net
		(In millions)
Balance, beginning of period		$	12		$	1,157		$	179
Realized and unrealized gains (losses)		-1			-225			425
Purchases		—			—			—
Issuances		2			70			—
Settlements		-1			—			-383
Balance, end of period		$	12		$	1,002		$	221

		Nine Months Ended September 30, 2012
								Interest								Mortgage
								Interest								loan
		Mortgage			Mortgage			rate lock						Securitized		securitization
		loans held			servicing			commitments,			Investment			mortgage		debt
		for sale			rights			net			securities			loans		certificates
		(In millions)
Balance, beginning of period		$	17		$	1,209		$	184		$	—		$	28	$	21
Realized and unrealized gains (losses)		-2			-451			1,185			-2			—		—
Purchases		2			—			—			—			—		—
Issuances		3			244			—			—			—		—
Settlements		-3			—			-1,148			-5			—		—
Transfers into Level Three		—			—			—			—			—		—
Transfers out of Level Three		-5			—			—			—			—		—
Deconsolidation of entity(1)		—			—			—			7			-28		-21
Balance, end of period		$	12		$	1,002		$	221		$	—		$	—	$	—
_______________
(1) In 2012, the Company sold its investment in the subordinated debt and residual interests of a Mortgage loan securitization trust that had been consolidated as a variable interest entity.

Transfers into Level Three generally represent mortgage loans held for sale with performance issues, origination flaws, or other characteristics that impact their salability in active secondary market transactions. Transfers out of Level Three generally represent Scratch and Dent loans that were foreclosed upon. Mortgage loans in foreclosure are measured at fair value on a non-recurring basis.

Realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy were included in the Condensed Consolidated Statements of Operations as follows:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(In millions)
Gain on mortgage loans, net:
Mortgage loans held for sale		$	1		$	-1		$	-14		$	-3
Interest rate lock commitments		136			425			405			1,185
Change in fair value of mortgage servicing rights:
Mortgage servicing rights		-74			-225			6			-451
Mortgage interest income:
Mortgage loans held for sale		1			—			4			1
Other income:
Investment securities		—			—			—			-2


Unrealized gains (losses) included in the Condensed Consolidated Statements of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Condensed Consolidated Balance Sheets were as follows:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(In millions)
Gain on mortgage loans, net		$	59		$	208		$	52		$	219
Change in fair value of mortgage servicing rights		-11			-150			226			-252


Fair Value of Other Financial Instruments

As of September 30, 2013 and December 31, 2012, all financial instruments were either recorded at fair value or the carrying value approximated fair value, with the exception of Debt and derivative instruments included in Total PHH Corporation stockholders’ equity. For financial instruments that were not recorded at fair value, such as Cash and cash equivalents and Restricted cash and cash equivalents and investments, the carrying value approximates fair value due to the short-term nature of such instruments. These financial instruments are classified within Level One of the valuation hierarchy.

Debt. As of September 30, 2013 and December 31, 2012, the total fair value of Debt was $6.2 billion and $7.0 billion, respectively, and substantially all of the debt is measured using Level Two inputs. For Level Two Debt as of September 30, 2013, fair value was estimated using the following valuation techniques: (i) $3.9 billion was measured using a market based approach, considering the current market pricing of recent trades for similar instruments or the current expected ask price for the Company’s debt instruments; (ii) $1.1 billion was measured using observable spreads and terms for recent pricing of similar instruments; and (iii) $1.2 billion was measured using a discounted cash flow model incorporating assumptions based on current market information available for similar debt instruments.

Variable_Interest_Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2013
Variable Interest Entities	'
Variable Interest Entities	'
	16. Variable Interest Entities

	Assets and liabilities of significant consolidated variable interest entities are included in the Condensed Consolidated Balance Sheets as follows:

			September 30, 2013
					Chesapeake		FLRT and
			PHH Home		and D.L.		PHH Lease
			Loans		Peterson Trust		Receivables LP
			(In millions)
	ASSETS
	Cash		$	78	$	9	$	—
	Restricted cash(1)		3		164		48
	Mortgage loans held for sale		381		—		—
	Accounts receivable, net		21		43		—
	Net investment in fleet leases		—		2,983		646
	Property, plant and equipment, net		2		—		—
	Other assets		14		14		7
	Total assets		$	499	$	3,213	$	701
	Assets held as collateral(2)		$	373	$	3,190	$	694
	LIABILITIES
	Accounts payable and accrued expenses		$	16	$	2	$	8
	Debt		354		2,848		640
	Other liabilities		18		—		—
	Total liabilities(3)		$	388	$	2,850	$	648

			December 31, 2012
					Chesapeake		FLRT and
			PHH Home		and D.L.		PHH Lease
			Loans		Peterson Trust		Receivables LP
			(In millions)
	ASSETS
	Cash		$	59	$	2	$	—
	Restricted cash(1)		4		186		59
	Mortgage loans held for sale		716		—		—
	Accounts receivable, net		17		73		—
	Net investment in fleet leases		—		2,856		675
	Property, plant and equipment, net		2		—		—
	Other assets		20		12		7
	Total assets		$	818	$	3,129	$	741
	Assets held as collateral(2)		$	691	$	3,114	$	731
	LIABILITIES
	Accounts payable and accrued expenses		$	25	$	2	$	8
	Debt		629		2,771		662
	Other liabilities		13		—		—
	Total liabilities(3)		$	667	$	2,773	$	670
	_______________
	-1	Represents amounts specifically designated to purchase assets, repay debt and/or provide over-collateralization related to vehicle management asset-backed debt arrangements.

	-2	Represents amounts not available to pay the Company’s general obligations. See Note 10, “Debt and Borrowing Arrangements” for further information.

	-3	Excludes intercompany payables.

	PHH Home Loans

	For the nine months ended September 30, 2013, approximately 21% of the mortgage loans originated by the Company were derived from Realogy Corporation’s affiliates, of which approximately 85% were originated by PHH Home Loans.

Segment_Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2013
Segment Information	'
Segment Information	'
	17. Segment Information

	Operations are conducted through three business segments: Mortgage Production, Mortgage Servicing and Fleet Management Services.

	§ Mortgage Production — provides mortgage loan origination services and sells mortgage loans.

	§ Mortgage Servicing — performs servicing activities for originated and purchased loans.

	§ Fleet Management Services — provides commercial fleet management services.

	The heading Other includes certain income and expenses not allocated to the three reportable segments and intersegment eliminations. The operations of the Mortgage Production and Mortgage Servicing segments are located in the U.S, and the operations of the Fleet Management Services segment are located in the U.S. and Canada.

	Management evaluates the operating results of each of the reportable segments based upon Net revenues and Segment profit or loss, which is presented as the Income or loss before income tax expense or benefit and after Net income or loss attributable to noncontrolling interest. The Mortgage Production segment profit or loss excludes Realogy Corporation’s noncontrolling interest in the profit or loss of PHH Home Loans.

	Segment results were as follows:


		Total Assets
		September 30,		December 31,
		2013		2012
		(In millions)
	Mortgage Production segment	$	1,488	$	2,587
	Mortgage Servicing segment	2,152		1,791
	Fleet Management Services segment	4,496		4,502
	Other	963		723
	Total	$	9,099	$	9,603


		Net Revenues
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	Mortgage Production segment	$	182	$	337	$	699	$	909
	Mortgage Servicing segment	29		-118		264		-155
	Fleet Management Services segment	404		405		1,205		1,207
	Other	—		—		-1		-1
	Total	$	615	$	624	$	2,167	$	1,960

		Segment (Loss) Profit(2)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	Mortgage Production segment	$	-22	$	122	$	67	$	317
	Mortgage Servicing segment	-28		-205		71		-427
	Fleet Management Services segment	24		21		66		67
	Other(1)	-54		-13		-54		-13
	Total	$	-80	$	-75	$	150	$	-56
	_______________

	(1) For the three and nine months ended September 30, 2013 and 2012, Other primarily represents the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments.

	(2) The following is a reconciliation of (Loss) income before income taxes to Segment (loss) profit:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	(Loss) income before income taxes	$	-74	$	-56	$	180	$	-12
	Less: net income attributable to noncontrolling interest	6		19		30		44
	Segment (loss) profit	$	-80	$	-75	$	150	$	-56

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Summary of Significant Accounting Policies	'
USE OF ESTIMATES	'
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for mortgage loan repurchases and indemnifications and reinsurance losses, and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.

CHANGES IN ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	'
	CHANGES IN ACCOUNTING POLICIES

	Comprehensive Income. In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income”. This update to the comprehensive income guidance requires additional disclosure about the amounts reclassified out of Accumulated other comprehensive income, including disclosing the amounts that impact each line item in the Statement of Operations within a reporting period. This update enhances the disclosure requirements for amounts reclassified out of Accumulated other comprehensive income but will not impact the Company’s financial position, results of operations or cash flows. The Company adopted the new accounting guidance prospectively effective January 1, 2013. The updated disclosures are included in Note 14, “Accumulated Other Comprehensive Income”.

	Intangibles. In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment”. This update amends the current guidance on testing indefinite-lived intangibles for impairment and allows for the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangibles are impaired. If it is more likely than not that the indefinite-lived intangibles are impaired, the entity is required to determine the fair value of the indefinite-lived intangibles and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company adopted the new accounting guidance effective January 1, 2013 and the guidance will be incorporated prospectively when performing impairment tests for intangible assets.

	Offsetting Assets and Liabilities. In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities”. This update requires disclosure of both gross and net information about instruments and transactions in the scope of these pronouncements. Subsequently in January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which limited the disclosures to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset in accordance with current derivative and netting guidance, or subject to a master netting arrangement or similar agreement. The Company adopted the new accounting guidance retrospectively effective January 1, 2013. The updated disclosures are included in Note 5, “Derivatives”.

	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

	Income Taxes. In July 2013, the FASB issued ASU 2013-11,”Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This update to the income tax guidance clarifies the diversity in practice in the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This update requires the unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset or as a liability to the extent the entity cannot or does not intend to use the deferred tax asset for such purpose. The new accounting guidance is effective beginning January 1, 2014 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date and retrospective application is permitted. The Company does not expect the adoption of ASU 2013-11 to have a material impact on its financial statements.
RECLASSIFICATIONS	'
	Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no effect on reported totals for assets, liabilities, stockholders’ equity, cash flows or net income or loss. See Note 8, “Accounts Payable and Accrued Expenses”, for further information.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share	'
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity	'


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions, except share and per share data)
	Net (loss) income attributable to PHH Corporation	$	-52	$	-42	$	90	$	-24
	Weighted-average common shares outstanding — basic	57,383,139		56,842,323		57,318,131		56,768,027
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)	—		—		207,572		—
	Conversion of debt securities	—		—		7,977,723		—
	Weighted-average common shares outstanding — diluted	57,383,139		56,842,323		65,503,426		56,768,027

	Basic (loss) earnings per share attributable to PHH Corporation	$	-0.9	$	-0.74	$	1.58	$	-0.42
	Diluted (loss) earnings per share attributable to PHH Corporation	$	-0.9	$	-0.74	$	1.38	$	-0.42

	Anti-dilutive securities excluded from the computation of dilutive securities:
	Outstanding stock-based compensation awards	2,037,307		2,356,488		688,338		2,356,488
	Assumed conversion of debt securities	8,274,740		5,494,884		—		3,750,848

	_______________
	(1) Represents incremental shares from restricted stock units and stock options. For both the three and nine months ended September 30, 2013, excludes 724,598 shares that are contingently issuable for which the contingency has not been met.

Restricted_Cash_Cash_Equivalen1

Restricted Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
Restricted Cash, Cash Equivalents and Investments (Tables)	Sep. 30, 2013
Restricted Cash, Cash Equivalents and Investments	'
Schedule of Restricted cash, cash equivalents and investment balances	'


		September 30,		December 31,
		2013		2012
		(In millions)
	Restricted cash and cash equivalents	$	254	$	304
	Restricted investments, at fair value	—		121
	Total	$	254	$	425
Schedule of Restricted investments, at fair value	'


		Amortized		Fair		Unrealized		Unrealized		Weighted-
		Cost		Value		Gains		Losses		average
										remaining
										maturity
		(In millions)
	Corporate securities	$	30	$	31	$	1	$	—	25 mos.
	Agency securities (1)	39		39		—		—		21 mos.
	Government securities	51		51		—		—		19 mos.
	Total	$	120	$	121	$	1	$	—	21 mos.

	_______________
	(1) Represents bonds and notes issued by various agencies including, but not limited to, Fannie Mae, Freddie Mac and Federal Home Loan Banks.

Transfers_and_Servicing_of_Mor1

Transfers and Servicing of Mortgage Loans (Tables)	9 Months Ended
Transfers and Servicing of Mortgage Loans (Tables)	Sep. 30, 2013
Transfers and Servicing of Mortgage Loans	'
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights	'


		Nine Months Ended
		September 30,
		2013		2012
		(In millions)
	Balance, beginning of period	$	140,381	$	147,088
	Additions	19,031		24,794
	Payoffs, sales and curtailments	-28,254		-27,102
	Balance, end of period	$	131,158	$	144,780
Schedule of activity in capitalized MSRs	'


		Nine Months Ended
		September 30,
		2013		2012
		(In millions)
	Balance, beginning of period	$	1,022	$	1,209
	Additions	209		244
	Changes in fair value due to:
	Realization of expected cash flows	-220		-199
	Changes in market inputs or assumptions used in the valuation model	226		-252
	Balance, end of period	$	1,237	$	1,002
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue	'


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	Servicing fees from capitalized portfolio	$	95	$	106	$	294	$	329
	Late fees	5		5		14		15
	Other ancillary servicing revenue	12		10		31		30

Schedule of cash flows relating to loan sales in which the Company has continuing involvement	'


		Nine Months Ended
		September 30,
		2013		2012
		(In millions)
	Proceeds from new loan sales or securitizations	$	19,401	$	25,895
	Servicing fees from capitalized portfolio(1)	294		329
	Other cash flows on retained interests (2)	—		5
	Purchases of delinquent or foreclosed loans (3)	-50		-70
	Servicing advances (4)	-1,003		-975
	Repayment of servicing advances	946		942


	_______________
	(1) Excludes late fees and other ancillary servicing revenue.

	(2) Represents cash flows received on retained interests other than servicing fees.

	(3) Excludes indemnification payments to investors and insurers of the related mortgage loans.

	(4) As of September 30, 2013 and December 31, 2012, outstanding servicing advance receivables related to our total servicing portfolio of $536 million and $293 million, respectively, were included in Accounts receivable, net.

Derivatives_Tables

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2013
Derivatives	'
Summary of gross notional amount of derivatives	'


		September 30,		December 31,
		2013		2012
		(In millions)
	Notional amounts:
	Interest rate lock commitments	$	1,982	$	4,993
	Forward delivery commitments	6,539		12,303
	Option contracts	610		1,070
	Interest rate contracts	715		614
	Convertible note-related agreements(1)	—		—
	MSR-related agreements	—		3,915


	_______________
	(1) The notional of derivative instruments underlying the Convertible-note related agreements is 9.6881 million shares of the Company’s Common stock. These instruments relate to the issuance of the Convertible notes due 2014.
Schedule of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting	'


		September 30, 2013

		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		Paid
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	22	$	-45	$	24	$	1
	Not subject to master netting arrangements:
	Interest rate lock commitments	62		—		—		62
	Forward delivery commitments	3		—		—		3
	Option contracts	1		—		—		1
	Interest rate contracts	2		—		—		2
	Convertible note-related agreements	18		—		—		18
	Derivative assets not subject to netting	86		—		—		86
	Total derivative assets	$	108	$	-45	$	24	$	87

		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		Paid
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	59	$	-45	$	-10	$	4
	Not subject to master netting arrangements:
	Forward delivery commitments	10		—		—		10
	Convertible note-related agreements	18		—		—		18
	Derivative liabilities not subject to netting	28		—		—		28
	Total derivative liabilities	$	87	$	-45	$	-10	$	32

		December 31, 2012
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		(Received) Paid
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	10	$	-12	$	5	$	3
	MSR-related agreements	5		-4		-1		—
	Derivative assets subject to netting	15		-16		4		3
	Not subject to master netting arrangements:
	Interest rate lock commitments	140		—		—		140
	Forward delivery commitments	5		—		—		5
	Option contracts	2		—		—		2
	Interest rate contracts	1		—		—		1
	Convertible note-related agreements	27		—		—		27
	Derivative assets not subject to netting	175		—		—		175
	Total derivative assets	$	190	$	-16	$	4	$	178

		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		(Paid) Received
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	14	$	-12	$	-1	$	1
	MSR-related agreements	—		-4		9		5
	Derivative liabilities subject to netting	14		-16		8		6
	Not subject to master netting arrangements:
	Interest rate lock commitments	1		—		—		1
	Forward delivery commitments	5		—		—		5
	Convertible note-related agreements	27		—		—		27
	Derivative liabilities not subject to netting	33		—		—		33
	Total derivative liabilities	$	47	$	-16	$	8	$	39
Schedule of gains (losses) recorded in the Consolidated Statements of Operations	'


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	Gain on mortgage loans, net:
	Interest rate lock commitments	$	136	$	425	$	405	$	1,185
	Forward delivery commitments	-22		-152		217		-305
	Options contracts	-1		-4		17		-14
	Net derivative gain (loss) related to mortgage servicing rights:
	MSR-related agreements	—		8		-17		5

	Fleet interest expense:
	Interest rate contracts	-1		—		-1		-1
	Foreign exchange contracts	—		-2		—		-1

Vehicle_Leasing_Activities_Tab

Vehicle Leasing Activities (Tables)	9 Months Ended
	Sep. 30, 2013
Vehicle Leasing Activities	'
Schedule of components of Net investment in fleet leases	'


		September 30,		December 31,
		2013		2012
		(In millions)
	Operating Leases:
	Vehicles under open-end operating leases	$	8,167	$	8,174
	Vehicles under closed-end operating leases	142		154
	Vehicles under operating leases	8,309		8,328
	Less: Accumulated depreciation	-4,932		-4,959
	Net investment in operating leases	3,377		3,369

	Direct Financing Leases:
	Lease payments receivable	96		91
	Less: Unearned income	-2		—
	Net investment in direct financing leases	94		91

	Off-Lease Vehicles:
	Vehicles not yet subject to a lease	225		169
	Vehicles held for sale	11		15
	Less: Accumulated depreciation	-6		-8
	Net investment in off-lease vehicles	230		176
	Total	$	3,701	$	3,636

Other_Assets_Tables

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2013
Other Assets	'
Schedule of other assets	'


		September 30,		December 31,
		2013		2012
		(In millions)
	Mortgage loans in foreclosure, net	$	162	$	120
	Repurchase eligible loans(1)	90		99
	Derivatives	87		178
	Real estate owned, net	50		53
	Deferred financing costs	44		49
	Equity method investments	42		38
	Intangible assets	29		31
	Other	56		48
	Total	$	560	$	616

	_______________
	(1) Repurchase eligible loans represent sold mortgage loans that are held by investors where the Company has the right, but not the obligation, to repurchase the loan. Corresponding liabilities related to the loan balances were recorded within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets.

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2013
Accounts Payable and Accrued Expenses	'
Summary of components of accounts payable and accrued expenses	'

		September 30,		December 31,
		2013		2012
		(In millions)
	Accounts payable	$	286	331
	Subservicing advance liabilities(1)	273		24
	Repurchase eligible loans	90		99
	Accrued payroll and benefits	67		80
	Accrued interest	16		32
	Other	18		20
	Total	$	750	$	586

	_______________

	(1) Amounts were reclassified from prior presentation in Other liabilities.

Other_Liabilities_Tables

Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2013
Other Liabilities	'
Schedule of other liabilities	'

		September 30,		December 31,
		2013		2012
		(In millions)
	Loan repurchase and indemnification liability	$	132	$	140
	Derivatives	32		39
	Pension and other post employment benefits liability	15		15
	Lease syndication liability	12		16
	Liability for reinsurance losses(1)	—		33
	Other	34		36
	Total	$	225	$	279

	_______________

	(1) Decrease in balance relates to the termination of the remaining inactive reinsurance contract. See Note 12, “Credit Risk” for further discussion.

Debt_and_Borrowing_Arrangement1

Debt and Borrowing Arrangements (Tables)	9 Months Ended
Debt and Borrowing Arrangements (Tables)	Sep. 30, 2013
Debt and Borrowing Arrangements	'
Summary of the components of Debt	'

		September 30, 2013				December 31, 2012
				Wt. Avg-					Wt. Avg-
				Interest					Interest
		Balance		Rate(1)		Balance			Rate(1)
		(In millions)
	Term notes, in amortization	$	930	1.2 %		$	424		2.2 %
	Term notes, in revolving period	1,300		0.7 %		1,593			1.0 %
	Variable-funding notes	1,259		1.7 %		1,415			1.6 %
	Other	18		5.0 %		25			5.1 %
	Vehicle Management Asset-Backed Debt	3,507				3,457

	Secured Canadian credit facility	—		—%		—			—%

	Committed warehouse facilities	988		1.9 %		1,875			2.0 %
	Uncommitted warehouse facilities	—		—%		—			—%
	Servicing advance facility	64		2.7 %		66			2.7 %
	Mortgage Asset-Backed Debt	1,052				1,941

	Term notes	803		7.3 %		732			8.5 %
	Convertible notes(2)	446		5.0 %		424			5.0 %
	Unsecured credit facilities	—		—%		—			—%
	Unsecured Debt	1,249				1,156

	Total	$	5,808			$	6,554

	_______________
	(1) Represents the weighted-average stated interest rate of outstanding debt as of the respective date, which may be different from the effective rate due to the amortization of premiums, discounts and issuance costs. Facilities are variable-rate, except for the Unsecured Term notes and Convertible notes which are fixed-rate.

	(2) Balance is net of unamortized discounts of $54 million and $76 million as of September 30, 2013 and December 31, 2012, respectively. The effective interest rate of the Convertible notes is 13%, which includes the accretion of the discount and issuance costs.
Schedule of assets held as collateral for asset-backed borrowing arrangements that are not available to pay the Company's general obligations	'

		Vehicle		Mortgage
		Asset-Backed		Asset-Backed
		Debt		Debt
		(In millions)
	Restricted cash and cash equivalents	$	212	$	7
	Accounts receivable	43		80
	Mortgage loans held for sale (unpaid principal balance)	—		1,023
	Net investment in fleet leases	3,653		—
	Total	$	3,908	$	1,110
Schedule of contractual debt maturities	'


		Vehicle		Mortgage
		Asset-Backed		Asset-Backed			Unsecured
		Debt(1)		Debt			Debt(2)			Total
		(In millions)
	Within one year	$	887	$	1,052		$	250		$	2,189
	Between one and two years	1,074		—			—			1,074
	Between two and three years	860		—			170			1,030
	Between three and four years	497		—			250			747
	Between four and five years	177		—			8			185
	Thereafter	12		—			625			637
		$	3,507	$	1,052		$	1,303		$	5,862

	_______________

	(1) Maturities of vehicle management asset-backed notes, a portion of which are amortizing in accordance with their terms, represent estimated payments based on the expected cash inflows related to the securitized vehicle leases and related assets.

	(2) Maturities of convertible notes have been reflected based on the contractual maturity date. Under certain circumstances prior to the contractual maturity date, the convertible notes may be converted. If this happens, the principal portion of the notes would be due in cash and the conversion premium, if any, may be settled in cash.
Schedule of available capacity under committed asset-backed debt arrangements and unsecured credit facilities	'

				Utilized			Available
		Capacity		Capacity			Capacity
		(In millions)
	Vehicle Management Asset-Backed Debt:
	Term notes, in revolving period	$	1,300	$	1,300		$	—
	Variable-funding notes	2,092		1,259			833

	Secured Canadian credit facility	121		—			121

	Mortgage Asset-Backed Debt:
	Committed warehouse facilities	3,143		988			2,155
	Servicing advance facility	120		64			56

	Unsecured credit facilities(1)	305		—			305


	_______________

	(1) Capacity amount shown reflects the contractual maximum capacity of the facility. The available capacity of this facility is subject to the satisfaction of compliance with a borrowing base coverage ratio test.

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2013
Income Taxes	'
Schedule of items that increased (decreased) the effective tax rate significantly impacting income tax expense or benefit	'


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	State and local income taxes, net of federal tax benefits	$	-2	$	-4	$	8	$	-3
	Changes in rate and apportionment factors	—		—		-2		-6
	Changes in valuation allowance	2		-1		2		-1
	Noncontrolling interest	-2		-8		-11		-17

Credit_Risk_Tables

Credit Risk (Tables)	9 Months Ended
Credit Risk (Tables)	Sep. 30, 2013
Credit Risk	'
Schedule of information regarding the total loan servicing portfolio	'


			September 30,				December 31,
			2013				2012
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	132,899			$	142,930
	Subserviced(1)		95,074				40,800
	Total		$	227,973			$	183,730
	Conventional loans		$	192,450			$	149,432
	Government loans		29,672				29,842
	Home equity lines of credit		5,851				4,456
	Total		$	227,973			$	183,730
	Weighted-average interest rate		4.1		%		4.3		%

	-1	The total servicing portfolio increased during 2013 due to the assumption of a new subservicing portfolio. Excluding the subservicing portfolio assumed during 2013, the Company’s total portfolio delinquency and foreclosure/real estate owned based on the number of loans were 3.77% and 1.92%, respectively, and based on the unpaid principal balance were 2.83% and 1.70%, respectively.




Schedule of portfolio delinquency	'


			September 30, 2013						December 31, 2012
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(2)
	30 days		2.38	%		1.8	%		2.45	%	1.93	%
	60 days		0.77	%		0.61	%		0.64	%	0.52	%
	90 or more days		1.07	%		0.93	%		0.8	%	0.7	%
	Total(1)		4.22	%		3.34	%		3.89	%	3.15	%
	Foreclosure/real estate owned(3)		2.45	%		2.39	%		2.05	%	1.92	%

	_______________

	-1	The total servicing portfolio increased during 2013 due to the assumption of a new subservicing portfolio. Excluding the subservicing portfolio assumed during 2013, the Company’s total portfolio delinquency and foreclosure/real estate owned based on the number of loans were 3.77% and 1.92%, respectively, and based on the unpaid principal balance were 2.83% and 1.70%, respectively.

	-2	Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.

	-3	As of September 30, 2013 and December 31, 2012, the total servicing portfolio included 25,268 and 17,329 of loans in foreclosure with an unpaid principal balance of $4.8 billion and $3.0 billion, respectively. Excluding the subservicing portfolio assumed during 2013, the Company’s total servicing portfolio included 15,071 of loans in foreclosure with an unpaid principal balance of $2.7 billion.
Summary of the activity in repurchase and foreclosure-related reserves	'


			Nine Months Ended
			September 30,
			2013			2012
			(In millions)
	Balance, beginning of period		$	191		$	127
	Realized losses		-52			-109
	Increase in reserves due to:
	Changes in assumptions		26			145
	New loan sales		15			13
	Balance, end of period		$	180		$	176

Schedule of carrying values of the mortgage loans in foreclosure and real estate owned	'


			September 30,			December 31,
			2013			2012
			(In millions)
	Mortgage loans in foreclosure(1)		$	187		$	148
	Allowance for probable foreclosure losses		-25			-28
	Mortgage loans in foreclosure, net		$	162		$	120
	Real estate owned		$	73		$	76
	Adjustment to value for real estate owned		-23			-23
	Real estate owned, net		$	50		$	53

	_______________

	-1	Includes $106 million and $65 million of recoverable advances as of September 30, 2013 and December 31, 2012, respectively.
Schedule of the activity in the liability for reinsurance losses	'


			Nine Months Ended
			September 30,
			2013			2012
			(In millions)
	Balance, beginning of period		$	33		$	84
	Realized losses(1)		-35			-57
	Increase in liability for reinsurance losses		2			13
	Balance, end of period		$	—		$	40

	_______________

	-1	Realized reinsurance losses for the nine months ended September 30, 2013 and 2012 includes $28 million and $21 million, respectively, related to the release of reserves associated with the termination of inactive reinsurance agreements.

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Income	'
Schedule of after-tax components of Accumulated other comprehensive income (loss)	'


		September 30,		December 31,
		2013		2012
		(In millions)
	Currency translation adjustment	$	29	$	36
	Unrealized gains on available-for-sale securities, net of income taxes of $0 and $0	—		1
	Pension adjustment, net of income tax benefit of $(8) and $(8)	-11		-11
	Total	$	18	$	26

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2013
Fair Value Measurements	'
Schedule of difference between the carrying amounts of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity	'


		September 30, 2013					December 31, 2012
		Total		Loans 90 days or			Total		Loans 90 days or
				more past due and					more past due and
				on non-accrual					on non-accrual
				status					status
		(In millions)
	Mortgage loans held for sale:
	Carrying amount	$	1,155	$	15		$	2,174	$	17
	Aggregate unpaid principal balance	1,143		22			2,126		25
	Difference	$	12	$	-7		$	48	$	-8
Schedule of components of Mortgage loans held for sale	'


		September 30,		December 31,
		2013		2012
		(In millions)
	First mortgages:
	Conforming (1)	$	1,022	$	1,966
	Non-conforming	74		143
	Total first mortgages	1,096		2,109
	Second lien	5		8
	Scratch and Dent (2)	54		56
	Other	—		1
	Total	$	1,155	$	2,174
	_______________
	(1) Represents mortgage loans that conform to the standards of the government-sponsored entities.

	(2) Represents mortgage loans with origination flaws or performance issues.
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)	'


		Nine Months Ended
		September 30,
		2013			2012
	Initial capitalization rate of additions to MSRs	1.1	%		0.99	%


		September 30,			December 31,
		2013			2012
	Capitalization servicing rate	0.94	%		0.73	%
	Capitalization servicing multiple	3.2			2.4
	Weighted-average servicing fee (in basis points)	29			30
Schedule of significant assumptions used in estimating the fair value of Mortgage servicing rights (MSRs)	'


		September 30,			December 31,
		2013			2012
	Weighted-average prepayment speed (CPR)	11	%		17	%
	Option adjusted spread, in basis points	1,019			1,013
	Weighted-average delinquency rate	5.6	%		6.8	%
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions	'


		September 30, 2013
		Weighted-					Weighted-
		Average		Option			Average
		Prepayment		Adjusted			Delinquency
		Speed		Spread			Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	-54	$	-58		$	-23
	Impact on fair value of 20% adverse change	-103		-111			-46

Schedule of assets and liabilities measured at fair value on a recurring basis	'


		September 30, 2013
									Cash
		Level		Level			Level		Collateral
		One		Two			Three		and Netting		Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—	$	1,096		$	59	$	—	$	1,155
	Mortgage servicing rights	—		—			1,237		—		1,237
	Other assets—Derivative assets:
	Interest rate lock commitments	—		—			62		—		62
	Forward delivery commitments	—		25			—		-21		4
	Option contracts	—		1			—		—		1
	Interest rate contracts	—		2			—		—		2
	Convertible note-related agreements	—		—			18		—		18
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Forward delivery commitments	$	—	$	69		$	—	$	-55	$	14
	Convertible note-related agreements	—		—			18		—		18

		December 31, 2012
									Cash
		Level		Level			Level		Collateral
		One		Two			Three		and Netting		Total
		(In millions)
	ASSETS
	Restricted investments	$	—	$	121		$	—	$	—	$	121
	Mortgage loans held for sale	—		2,110			64		—		2,174
	Mortgage servicing rights	—		—			1,022		—		1,022
	Other assets—Derivative assets:
	Interest rate lock commitments	—		—			140		—		140
	Forward delivery commitments	—		15			—		-7		8
	Option contracts	—		2			—		—		2
	MSR-related agreements	—		5			—		-5		—
	Interest rate contracts	—		1			—		—		1
	Convertible note-related agreements	—		—			27		—		27
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Interest rate lock commitments	$	—	$	—		$	1	$	—	$	1
	Forward delivery commitments	—		19			—		-13		6
	MSR-related agreements	—		—			—		5		5
	Convertible note-related agreements	—		—			27		—		27
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy	'


		Three Months Ended September 30, 2013
							Interest
		Mortgage		Mortgage			rate lock
		loans held		servicing			commitments,
		for sale		rights			net
		(In millions)
	Balance, beginning of period	$	55	$	1,247		$	-11
	Realized and unrealized gains (losses)	2		-74			136
	Purchases	12		—			—
	Issuances	2		64			—
	Settlements	-12		—			-63
	Transfers into Level Three	9		—			—
	Transfers out of Level Three	-9		—			—
	Balance, end of period	$	59	$	1,237		$	62

		Nine Months Ended September 30, 2013
							Interest
		Mortgage		Mortgage			rate lock
		loans held		servicing			commitments,
		for sale		rights			net
		(In millions)
	Balance, beginning of period	$	64	$	1,022		$	139
	Realized and unrealized (losses) gains	-10		6			405
	Purchases	68		—			—
	Issuances	2		209			—
	Settlements	-68		—			-482
	Transfers into Level Three	34		—			—
	Transfers out of Level Three	-31		—			—
	Balance, end of period	$	59	$	1,237		$	62

		Three Months Ended September 30, 2012
							Interest
		Mortgage		Mortgage			rate lock
		loans held		servicing			commitments,
		for sale		rights			net
		(In millions)
	Balance, beginning of period	$	12	$	1,157		$	179
	Realized and unrealized gains (losses)	-1		-225			425
	Purchases	—		—			—
	Issuances	2		70			—
	Settlements	-1		—			-383
	Balance, end of period	$	12	$	1,002		$	221

		Nine Months Ended September 30, 2012
							Interest						Mortgage
							Interest						loan
		Mortgage		Mortgage			rate lock				Securitized		securitization
		loans held		servicing			commitments,		Investment		mortgage		debt
		for sale		rights			net		securities		loans		certificates
		(In millions)
	Balance, beginning of period	$	17	$	1,209		$	184	$	—	$	28	$	21
	Realized and unrealized gains (losses)	-2		-451			1,185		-2		—		—
	Purchases	2		—			—		—		—		—
	Issuances	3		244			—		—		—		—
	Settlements	-3		—			-1,148		-5		—		—
	Transfers into Level Three	—		—			—		—		—		—
	Transfers out of Level Three	-5		—			—		—		—		—
	Deconsolidation of entity(1)	—		—			—		7		-28		-21
	Balance, end of period	$	12	$	1,002		$	221	$	—	$	—	$	—
	_______________
	(1) In 2012, the Company sold its investment in the subordinated debt and residual interests of a Mortgage loan securitization trust that had been consolidated as a variable interest entity.
Schedule of realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'


		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2013		2012			2013		2012
		(In millions)
	Gain on mortgage loans, net:
	Mortgage loans held for sale	$	1	$	-1		$	-14	$	-3
	Interest rate lock commitments	136		425			405		1,185
	Change in fair value of mortgage servicing rights:
	Mortgage servicing rights	-74		-225			6		-451
	Mortgage interest income:
	Mortgage loans held for sale	1		—			4		1
	Other income:
	Investment securities	—		—			—		-2

Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'


		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2013		2012			2013		2012
		(In millions)
	Gain on mortgage loans, net	$	59	$	208		$	52	$	219
	Change in fair value of mortgage servicing rights	-11		-150			226		-252

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2013
Variable Interest Entities	'
Schedule of significant variable interest entities included in the Consolidated Balance Sheets	'


			September 30, 2013
					Chesapeake		FLRT and
			PHH Home		and D.L.		PHH Lease
			Loans		Peterson Trust		Receivables LP
			(In millions)
	ASSETS
	Cash		$	78	$	9	$	—
	Restricted cash(1)		3		164		48
	Mortgage loans held for sale		381		—		—
	Accounts receivable, net		21		43		—
	Net investment in fleet leases		—		2,983		646
	Property, plant and equipment, net		2		—		—
	Other assets		14		14		7
	Total assets		$	499	$	3,213	$	701
	Assets held as collateral(2)		$	373	$	3,190	$	694
	LIABILITIES
	Accounts payable and accrued expenses		$	16	$	2	$	8
	Debt		354		2,848		640
	Other liabilities		18		—		—
	Total liabilities(3)		$	388	$	2,850	$	648

			December 31, 2012
					Chesapeake		FLRT and
			PHH Home		and D.L.		PHH Lease
			Loans		Peterson Trust		Receivables LP
			(In millions)
	ASSETS
	Cash		$	59	$	2	$	—
	Restricted cash(1)		4		186		59
	Mortgage loans held for sale		716		—		—
	Accounts receivable, net		17		73		—
	Net investment in fleet leases		—		2,856		675
	Property, plant and equipment, net		2		—		—
	Other assets		20		12		7
	Total assets		$	818	$	3,129	$	741
	Assets held as collateral(2)		$	691	$	3,114	$	731
	LIABILITIES
	Accounts payable and accrued expenses		$	25	$	2	$	8
	Debt		629		2,771		662
	Other liabilities		13		—		—
	Total liabilities(3)		$	667	$	2,773	$	670
	_______________
	-1	Represents amounts specifically designated to purchase assets, repay debt and/or provide over-collateralization related to vehicle management asset-backed debt arrangements.

	-2	Represents amounts not available to pay the Company’s general obligations. See Note 10, “Debt and Borrowing Arrangements” for further information.

	-3	Excludes intercompany payables.

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2013
Segment Information	'
Schedule of segment results	'



		Total Assets
		September 30,		December 31,
		2013		2012
		(In millions)
	Mortgage Production segment	$	1,488	$	2,587
	Mortgage Servicing segment	2,152		1,791
	Fleet Management Services segment	4,496		4,502
	Other	963		723
	Total	$	9,099	$	9,603


		Net Revenues
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	Mortgage Production segment	$	182	$	337	$	699	$	909
	Mortgage Servicing segment	29		-118		264		-155
	Fleet Management Services segment	404		405		1,205		1,207
	Other	—		—		-1		-1
	Total	$	615	$	624	$	2,167	$	1,960

		Segment (Loss) Profit(2)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	Mortgage Production segment	$	-22	$	122	$	67	$	317
	Mortgage Servicing segment	-28		-205		71		-427
	Fleet Management Services segment	24		21		66		67
	Other(1)	-54		-13		-54		-13
	Total	$	-80	$	-75	$	150	$	-56
	_______________

	(1) For the three and nine months ended September 30, 2013 and 2012, Other primarily represents the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments.

	(2) The following is a reconciliation of (Loss) income before income taxes to Segment (loss) profit:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	(Loss) income before income taxes	$	-74	$	-56	$	180	$	-12
	Less: net income attributable to noncontrolling interest	6		19		30		44
	Segment (loss) profit	$	-80	$	-75	$	150	$	-56
Schedule of reconciliation of (Loss) income before income taxes to Segment (loss) profit	'


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In millions)
	(Loss) income before income taxes	$	-74	$	-56	$	180	$	-12
	Less: net income attributable to noncontrolling interest	6		19		30		44
	Segment (loss) profit	$	-80	$	-75	$	150	$	-56

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share	'	'	'	'
Net (loss) income attributable to PHH Corporation (in dollars)	($52)	($42)	$90	($24)
Weighted-average common shares outstanding - basic (in shares)	57,383,139	56,842,323	57,318,131	56,768,027
Effect of potentially dilutive securities:	'	'	'	'
Share-based payment arrangements (in shares)	'	'	207,572	'
Conversion of debt securities (in shares)	'	'	7,977,723	'
Weighted-average common shares outstanding - diluted (in shares)	57,383,139	56,842,323	65,503,426	56,768,027
Basic (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.90)	($0.74)	$1.58	($0.42)
Diluted (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.90)	($0.74)	$1.38	($0.42)
Contingently issuable shares	'	'	'	'
Contingently issuable shares for which the contingency has not been met	724,598	'	724,598	'
Outstanding stock-based compensation awards	'	'	'	'
Anti-dilutive securities	'	'	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	2,037,307	2,356,488	688,338	2,356,488
Debt securities	'	'	'	'
Anti-dilutive securities	'	'	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	8,274,740	5,494,884	'	3,750,848

Restricted_Cash_Cash_Equivalen2

Restricted Cash, Cash Equivalents and Investments (Details) (USD $)	3 Months Ended	9 Months Ended			12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012
					Restricted investments	Corporate securities	Agency securities	Government securities
						Restricted investments	Restricted investments	Restricted investments
Restricted Cash, Cash Equivalents and Investments	'	'	'	'	'	'	'	'
Restricted cash and cash equivalents	$254	$254	'	$304	'	'	'	'
Restricted investments, at fair value	0	0	'	121	'	'	'	'
Restricted cash, cash equivalents and investments	254	254	'	425	'	'	'	'
Available-for-sale securities, restricted	'	'	'	'	'	'	'	'
Amortized Cost	'	'	'	'	120	30	39	51
Fair Value	'	'	'	'	121	31	39	51
Unrealized Gains	'	'	'	'	1	1	'	'
Weighted-average remaining maturity	'	'	'	'	'21 months	'25 months	'21 months	'19 months
Realized gains from sale of available-for-sale securities	0	1	1	'	'	'	'	'
Realized losses from sale of available-for-sale securities	$0	$1	'	'	'	'	'	'

Transfers_and_Servicing_of_Mor2

Transfers and Servicing of Mortgage Loans (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Capitalized servicing rights	Capitalized servicing rights
Transfers and Servicing of Mortgage Loans	'	'	'	'
Servicing portfolio	$227,973	$183,730	$131,158	$144,780
Activity in the loan servicing portfolio associated with capitalized servicing rights	'	'	'	'
Balance, beginning of period	227,973	183,730	140,381	147,088
Additions	'	'	19,031	24,794
Payoffs, sales and curtailments	'	'	-28,254	-27,102
Balance, end of period	$227,973	$183,730	$131,158	$144,780

Transfers_and_Servicing_of_Mor3

Transfers and Servicing of Mortgage Loans (Details 2) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Activity in capitalized MSRs	'	'	'	'	'
Balance, beginning of period	'	'	$1,022	$1,209	$1,209
Additions	'	'	209	244	'
Changes in fair value due to:	'	'	'	'	'
Realization of expected cash flows	'	'	-220	-199	'
Changes in market inputs or assumptions used in the valuation model	'	'	226	-252	'
Balance, end of period	1,237	1,002	1,237	1,002	1,022
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:	'	'	'	'	'
Servicing fees from capitalized portfolio	95	106	294	329	'
Late fees	5	5	14	15	'
Other ancillary servicing revenue	12	10	31	30	'
Weighted average life of MSRs	'	'	'5 years 9 months 18 days	'	'4 years 3 months 18 days
Cash flows relating to loan sales in which the Company has continuing involvement	'	'	'	'	'
Proceeds from new loan sales or securitizations	'	'	19,401	25,895	'
Servicing fees from capitalized portfolio	95	106	294	329	'
Other cash flows on retained interests	'	'	'	5	'
Purchases of delinquent or foreclosed loans	'	'	-50	-70	'
Servicing advances	'	'	-1,003	-975	'
Repayment of servicing advances	'	'	946	942	'
Realized Gain Loss on Sale	'	'	'	'	'
Pre-tax gains related to sale or securitization of residential mortgage loans	214	263	642	689	'
Mortgage servicing advances	'	'	'	'	'
Advance receivables	'	'	'	'	'
Outstanding servicing advance receivables	$536	'	$536	'	$293

Derivatives_Details

Derivatives (Details) (Not designated as hedging instruments, USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Interest rate lock commitments	'	'
Notional amount of derivatives	'	'
Notional	$1,982	$4,993
Forward delivery commitments	'	'
Notional amount of derivatives	'	'
Notional	6,539	12,303
Option contracts	'	'
Notional amount of derivatives	'	'
Notional	610	1,070
Interest rate contracts	'	'
Notional amount of derivatives	'	'
Notional	715	614
MSR-related agreements	'	'
Notional amount of derivatives	'	'
Notional	'	$3,915
Convertible note-related agreements \| Common stock	'	'
Notional amount of derivatives	'	'
Notional amount (in shares)	9,688,100	9,688,100

Derivatives_Details_2

Derivatives (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Net Amount, asset	$87	$178
LIABILITIES	'	'
Net Amount, liability	32	39
Not designated as hedging instruments	'	'
Derivatives	'	'
Cash collateral posted for derivative agreements that did not qualify for net presentation	1	1
ASSETS	'	'
Gross Assets, Subject to master netting agreements	22	15
Gross Assets, Not subject to master netting agreements	86	175
Gross Assets, Total	108	190
Offsetting Payables	-45	-16
Cash Collateral (Received) Paid	24	4
Net Amount, asset	87	178
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	59	14
Gross Liabilities, Not subject to master netting agreements	28	33
Gross Liabilities, Total	87	47
Offsetting Receivables	-45	-16
Cash Collateral Received	-10	8
Net Amount, liability	32	39
Not designated as hedging instruments \| Subject to master netting arrangements	'	'
ASSETS	'	'
Net Amount, asset	1	3
LIABILITIES	'	'
Net Amount, liability	4	6
Not designated as hedging instruments \| Not subject to master netting arrangements	'	'
ASSETS	'	'
Net Amount, asset	86	175
LIABILITIES	'	'
Net Amount, liability	28	33
Not designated as hedging instruments \| Forward delivery commitments	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	22	10
Gross Assets, Not subject to master netting agreements	3	5
Offsetting Payables	-45	-12
Cash Collateral (Received) Paid	24	5
Net Amount, asset	1	3
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	59	14
Gross Liabilities, Not subject to master netting agreements	10	5
Offsetting Receivables	-45	-12
Cash Collateral Received	-10	-1
Net Amount, liability	4	1
Not designated as hedging instruments \| Forward delivery commitments \| Subject to master netting arrangements	'	'
ASSETS	'	'
Net Amount, asset	1	3
LIABILITIES	'	'
Net Amount, liability	4	1
Not designated as hedging instruments \| Forward delivery commitments \| Not subject to master netting arrangements	'	'
ASSETS	'	'
Net Amount, asset	3	5
LIABILITIES	'	'
Net Amount, liability	10	5
Not designated as hedging instruments \| MSR-related agreements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	'	5
Offsetting Payables	'	-4
Cash Collateral (Received) Paid	'	-1
LIABILITIES	'	'
Offsetting Receivables	'	-4
Cash Collateral Received	'	9
Net Amount, liability	'	5
Not designated as hedging instruments \| Interest rate lock commitments	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	62	140
Net Amount, asset	62	140
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	'	1
Net Amount, liability	'	1
Not designated as hedging instruments \| Option contracts	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	1	2
Net Amount, asset	1	2
Not designated as hedging instruments \| Interest rate contracts	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	2	1
Net Amount, asset	2	1
Not designated as hedging instruments \| Convertible note-related agreements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	18	27
Net Amount, asset	18	27
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	18	27
Net Amount, liability	$18	$27

Derivatives_Details_3

Derivatives (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest rate lock commitments \| Gain on mortgage loans, net	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	$136	$425	$405	$1,185
Forward delivery commitments \| Gain on mortgage loans, net	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	-22	-152	217	-305
Option contracts \| Gain on mortgage loans, net	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	-1	-4	17	-14
MSR-related agreements \| Net derivative gain (loss) related to mortgage servicing rights	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	'	8	-17	5
Interest rate contracts \| Fleet interest expense	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	-1	'	-1	-1
Foreign exchange contracts \| Fleet interest expense	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	'	($2)	'	($1)

Vehicle_Leasing_Activities_Det

Vehicle Leasing Activities (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Operating Leases:	'	'
Vehicles under operating leases	$8,309	$8,328
Less: Accumulated depreciation	-4,932	-4,959
Net investment in operating leases	3,377	3,369
Direct Financing Leases:	'	'
Lease payments receivable	96	91
Less: Unearned income	-2	'
Net investment in direct financing leases	94	91
Off-Lease Vehicles:	'	'
Vehicles not yet subject to a lease	225	169
Vehicles held for sale	11	15
Less: Accumulated depreciation	-6	-8
Net investment in off-lease vehicles	230	176
Net investment in fleet leases	3,701	3,636
Vehicles under open-end operating leases	'	'
Operating Leases:	'	'
Vehicles under operating leases	8,167	8,174
Vehicles under closed-end operating leases	'	'
Operating Leases:	'	'
Vehicles under operating leases	$142	$154

Other_Assets_Details

Other Assets (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Other Assets	'	'
Mortgage loans in foreclosure, net	$162	$120
Repurchase eligible loans	90	99
Derivatives	87	178
Real estate owned, net	50	53
Deferred financing costs	44	49
Equity method investments	42	38
Intangible assets	29	31
Other	56	48
Total	$560	$616

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Accounts payable and accrued expenses	'	'
Accounts payable	$286	$331
Subservicing advance liabilities	273	24
Repurchase eligible loans	90	99
Accrued payroll and benefits	67	80
Accrued interest	16	32
Other	18	20
Total	750	586
Mortgage loan unpaid principal balance of assumed subservicing portfolio	227,973	183,730
New subservicing portfolio	'	'
Accounts payable and accrued expenses	'	'
Subservicing advance liabilities	240	'
Mortgage loan unpaid principal balance of assumed subservicing portfolio	47,000	'
Servicing advance receivables	$254	'

Other_Liabilities_Details

Other Liabilities (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Other Liabilities	'	'	'	'
Loan repurchase and indemnification liability	$132	$140	'	'
Derivatives	32	39	'	'
Pension and other post employment benefits liability	15	15	'	'
Lease syndication liability	12	16	'	'
Liability for reinsurance losses	'	33	40	84
Other	34	36	'	'
Total	$225	$279	'	'

Debt_and_Borrowing_Arrangement2

Debt and Borrowing Arrangements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Debt and Borrowing Arrangements	'	'
Total Debt	$5,808	$6,554
Vehicle Management Asset-Backed Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	3,507	3,457
Term notes, in amortization	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	930	424
Weighted Avg-Interest Rate (as a percent)	1.20%	2.20%
Term notes, in revolving period	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,300	1,593
Weighted Avg-Interest Rate (as a percent)	0.70%	1.00%
Variable-funding notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,259	1,415
Weighted Avg-Interest Rate (as a percent)	1.70%	1.60%
Other	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	18	25
Weighted Avg-Interest Rate (as a percent)	5.00%	5.10%
Mortgage Asset-Backed Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,052	1,941
Committed warehouse facilities	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	988	1,875
Weighted Avg-Interest Rate (as a percent)	1.90%	2.00%
Servicing advance facility	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	64	66
Weighted Avg-Interest Rate (as a percent)	2.70%	2.70%
Unsecured Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,249	1,156
Term notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	803	732
Weighted Avg-Interest Rate (as a percent)	7.30%	8.50%
Convertible notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	446	424
Weighted Avg-Interest Rate (as a percent)	5.00%	5.00%
Unamortized discount	$54	$76
Effective interest rate (as a percent)	13.00%	13.00%

Debt_and_Borrowing_Arrangement3

Debt and Borrowing Arrangements (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Debt and Borrowing Arrangements	'	'
Restricted cash and cash equivalents	$254	$304
Accounts receivable	939	797
Mortgage loans held for sale (unpaid principal balance)	1,155	2,174
Net investment in fleet leases	3,701	3,636
Vehicle Asset-Backed Debt \| Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash and cash equivalents	212	'
Accounts receivable	43	'
Net investment in fleet leases	3,653	'
Total	3,908	'
Mortgage Asset-Backed Debt \| Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash and cash equivalents	7	'
Accounts receivable	80	'
Mortgage loans held for sale (unpaid principal balance)	1,023	'
Total	$1,110	'

Debt_and_Borrowing_Arrangement4

Debt and Borrowing Arrangements (Details 3) (USD $)	Sep. 30, 2013
In Millions, unless otherwise specified	Sep. 30, 2013
Contractual debt maturities	'
Within one year	$2,189
Between one and two years	1,074
Between two and three years	1,030
Between three and four years	747
Between four and five years	185
Thereafter	637
Total	5,862
Vehicle Asset-Backed Debt	'
Contractual debt maturities	'
Within one year	887
Between one and two years	1,074
Between two and three years	860
Between three and four years	497
Between four and five years	177
Thereafter	12
Total	3,507
Mortgage Asset-Backed Debt	'
Contractual debt maturities	'
Within one year	1,052
Total	1,052
Unsecured Debt	'
Contractual debt maturities	'
Within one year	250
Between two and three years	170
Between three and four years	250
Between four and five years	8
Thereafter	625
Total	$1,303

Debt_and_Borrowing_Arrangement5

Debt and Borrowing Arrangements (Details 4) (USD $)	Sep. 30, 2013
Term notes, in revolving period	'
Debt and Borrowing Arrangements	'
Capacity	$1,300,000,000
Utilized Capacity	1,300,000,000
Variable-funding notes	'
Debt and Borrowing Arrangements	'
Capacity	2,092,000,000
Utilized Capacity	1,259,000,000
Available Capacity	833,000,000
Secured Canadian credit facility	'
Debt and Borrowing Arrangements	'
Capacity	121,000,000
Available Capacity	121,000,000
Committed warehouse facilities	'
Debt and Borrowing Arrangements	'
Capacity	3,143,000,000
Utilized Capacity	988,000,000
Available Capacity	2,155,000,000
Servicing advance facility	'
Debt and Borrowing Arrangements	'
Capacity	120,000,000
Utilized Capacity	64,000,000
Available Capacity	56,000,000
Unsecured credit facilities	'
Debt and Borrowing Arrangements	'
Capacity	305,000,000
Available Capacity	305,000,000
Uncommitted facilities	'
Debt and Borrowing Arrangements	'
Available Capacity	$2,300,000,000

Debt_and_Borrowing_Arrangement6

Debt and Borrowing Arrangements (Details 5) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

In Millions, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Aug. 20, 2013

Jun. 13, 2013

Jul. 10, 2013

Sep. 30, 2013

22-May-13

Jun. 21, 2013

Sep. 30, 2013

6.375% Senior notes due 2021

Senior notes due 2016

Chesapeake Series 2013-1 term notes

Chesapeake Series 2013-2 Variable funding notes

Chesapeake Series 2013-3 Variable funding notes

Committed Facilities

Uncommitted warehouse facilities

4.0% Convertible notes due 2014

6.0% Convertible Notes due 2017

Credit Suisse First Boston Mortgage Capital LLC

The Royal Bank of Scotland plc

Debt and Borrowing Arrangements

Debt issued

$350

$700

$780

$520

Principal amount of notes

250

Borrowing capacity

3,143

675

250

Rolling term

'364 days

Interest rate (as a percent)

6.38%

4.00%

6.00%

Proceeds from issuance of unsecured debt

350

518

342

Repayment of debt

280

Payments for tender premium plus related fees and expenses

Pre-tax loss on extinguishment of debt

Amount by which the if-converted value exceeded its principle amount

$214

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Taxes	'	'	'	'
State and local income taxes, net of federal tax benefits	($2)	($4)	$8	($3)
Changes in rate and apportionment factors	'	'	-2	-6
Changes in valuation allowance	2	-1	2	-1
Noncontrolling interest	($2)	($8)	($11)	($17)

Credit_Risk_Details

Credit Risk (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
	loan	loan
Credit Risk	'	'
Period of origination of loans within which they are sold to investors	'30 days	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	$227,973,000,000	$183,730,000,000
Weighted-average interest rate (as a percent)	4.10%	4.30%
Portfolio Delinquency	'	'
Number of Loans (as a percent)	4.22%	3.89%
Unpaid Balance (as a percent)	3.34%	3.15%
Foreclosure/real estate owned	'	'
Number of Loans (as a percent)	2.45%	2.05%
Unpaid Balance (as a percent)	2.39%	1.92%
Number of loans in foreclosure	25,268	17,329
Unpaid principal balance of loans in foreclosure	4,800,000,000	3,000,000,000
30 days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	2.38%	2.45%
Unpaid Balance (as a percent)	1.80%	1.93%
60 days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	0.77%	0.64%
Unpaid Balance (as a percent)	0.61%	0.52%
90 or more days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	1.07%	0.80%
Unpaid Balance (as a percent)	0.93%	0.70%
Conventional loans	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	192,450,000,000	149,432,000,000
Government loans	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	29,672,000,000	29,842,000,000
Home equity lines of credit	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	5,851,000,000	4,456,000,000
Owned	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	132,899,000,000	142,930,000,000
Subserviced	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	95,074,000,000	40,800,000,000
Total servicing portfolio excluding new subservicing portfolio assumed	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	3.77%	'
Unpaid Balance (as a percent)	2.83%	'
Foreclosure/real estate owned	'	'
Number of Loans (as a percent)	1.92%	'
Unpaid Balance (as a percent)	1.70%	'
Number of loans in foreclosure	15,071	'
Unpaid principal balance of loans in foreclosure	$2,700,000,000	'

Credit_Risk_Details_2

Credit Risk (Details 2) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Recourse obligations	Capitalized portfolio	Capitalized portfolio	Capitalized portfolio	Capitalized portfolio
Changes in repurchase and foreclosure-related reserves	'	'	'	'	'	'	'	'
Balance, beginning of period	$191	$127	'	'	'	'	'	'
Realized losses	-52	-109	'	'	'	'	'	'
Increase in reserves due to:	'	'	'	'	'	'	'	'
Changes in assumptions	26	145	'	'	'	'	'	'
New loan sales	15	13	'	'	'	'	'	'
Balance, end of period	180	176	'	'	'	'	'	'
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	204	'	'	'	'	'	'	'
Percentage of loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions and are at least 90 days delinquent	15.00%	'	'	'	'	'	'	'
Liabilities for probable losses related to repurchase and indemnification obligations	132	'	140	'	'	'	'	'
Loss contingencies	'	'	'	'	'	'	'	'
Estimated amount of reasonably possible losses in excess of the recorded liability	'	'	'	35	'	'	'	'
Transfers and servicing of loans in servicing portfolio	'	'	'	'	'	'	'	'
Servicing portfolio	$227,973	'	$183,730	'	$131,158	$140,381	$144,780	$147,088

Credit_Risk_Details_3

Credit Risk (Details 3) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Carrying values of the mortgage loans in foreclosure and real estate owned	'	'
Mortgage loans in foreclosure	$187	$148
Allowance for probable foreclosure losses	-25	-28
Mortgage loans in foreclosure, net	162	120
Real estate owned	73	76
Adjustment to value for real estate owned	-23	-23
Real estate owned, net	50	53
Advances on mortgage loans in foreclosure	$106	$65

Credit_Risk_Details_4

Credit Risk (Details 4) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	Sep. 30, 2013	item	Dec. 31, 2012
Credit Risk	'	'	'
Amount of restricted cash and investments released	$118	'	'
Termination payment received by primary mortgage insurer	49	'	'
Amount of restricted cash released to the Company	69	'	'
Pre-tax loss on reinsurance contract termination	21	16	'
Number of reinsurance agreements terminated	'	1	'
Summary of the activity in the liability for reinsurance losses	'	'	'
Balance, beginning of period	33	84	'
Realized losses	-35	-57	'
Increase in liability for reinsurance losses	2	13	'
Balance, end of period	'	40	'
Realized reinsurance losses related to release of reserves on termination of inactive reinsurance agreements	28	21	'
Receivables greater than 90 days past due and still accruing interest	2	'	5
Greater than 90 days	2	'	5
Allowance for credit losses	$0	'	$0

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Pending Litigation, USD $)	Sep. 30, 2013
In Millions, unless otherwise specified	Sep. 30, 2013
Pending Litigation	'
Commitments and Contingencies	'
Reasonably possible losses in excess of recorded litigation liability	$10

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income	'	'	'
Currency translation adjustment	$29	$29	$36
Unrealized gains on available-for-sale securities, net of income taxes of $0 and $0	'	'	1
Pension adjustment, net of income tax benefit of $(8) and $(8)	-11	-11	-11
Accumulated other comprehensive income	18	18	26
Accumulated Other Comprehensive Income (Loss)	'	'	'
Unrealized gains on available for sale securities, income taxes	0	0	0
Pension adjustment, income tax (benefit) expense	-8	-8	-8
Accumulated other comprehensive income (loss) attributable to noncontrolling interests	0	0	0
Reclassifications	'	'	'
Investments classified as available-for-sale securities	0	'	'
Realized gains from sale of available-for-sale securities	'	1	'
Realized losses from sale of available-for-sale securities	'	$1	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount	'	'
Carrying amount, Total	$1,155	$2,174
Mortgage loans held for sale	'	'
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount	'	'
Carrying amount, Total	1,155	2,174
Carrying amount, Loans 90 days or more past due and on non-accrual status	15	17
Aggregate unpaid principal balance, Total	1,143	2,126
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	22	25
Difference, Total	12	48
Difference, Loans 90 days or more past due and on non-accrual status	($7)	($8)

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	$1,155	$2,174
Derivative Instruments	'	'
Average pull through percentage used in measuring fair value of interest rate lock commitments	74.00%	74.00%
First mortgages	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	1,096	2,109
First mortgages, Conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	1,022	1,966
First mortgages, Non-conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	74	143
Second lien	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	5	8
Scratch and Dent	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	54	56
Other	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	'	$1

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3)	9 Months Ended	12 Months Ended
Fair Value Measurements (Details 3)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
Information regarding the initial and ending capitalization rate of MSRs	'	'	'
Initial capitalization rate of additions to MSRs (as a percent)	1.10%	'	0.99%
Capitalization servicing rate (as a percent)	0.94%	0.73%	'
Capitalization servicing multiple (as a percent)	3.20%	2.40%	'
Weighted-average servicing fee (in basis points)	0.0029	0.003	'
Mortgage servicing rights	'	'	'
Significant assumptions used in estimating fair value	'	'	'
Weighted-average prepayment speed (CPR) (as a percent)	11.00%	17.00%	'
Option adjusted spread, in basis points (as a percent)	10.19%	10.13%	'
Weighted-average delinquency rate (as a percent)	5.60%	6.80%	'

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 4) (Mortgage servicing rights, USD $)	Sep. 30, 2013
In Millions, unless otherwise specified	Sep. 30, 2013
Mortgage servicing rights	'
Estimated change in fair value from adverse changes in significant assumptions	'
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	($54)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	-103
Impact on fair value of 10% adverse change, Option Adjusted Spread	-58
Impact on fair value of 20% adverse change, Option Adjusted Spread	-111
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	-23
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	($46)

Fair_Value_Measurements_Detail4

Fair Value Measurements (Details 5) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Fair Value Measurements	'	'	'	'
Restricted investments	$0	$121	'	'
Mortgage servicing rights	1,237	1,022	1,002	1,209
Derivative assets	87	178	'	'
Derivative liabilities	32	39	'	'
Recurring basis \| Level Two	'	'	'	'
Fair Value Measurements	'	'	'	'
Restricted investments	'	121	'	'
Mortgage loans held for sale	1,096	2,110	'	'
Recurring basis \| Level Two \| Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	25	15	'	'
Derivative liabilities	69	19	'	'
Recurring basis \| Level Two \| Option contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	1	2	'	'
Recurring basis \| Level Two \| MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	'	5	'	'
Recurring basis \| Level Two \| Interest rate contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	1	'	'
Recurring basis \| Level Three	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	59	64	'	'
Mortgage servicing rights	1,237	1,022	'	'
Recurring basis \| Level Three \| Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	62	140	'	'
Derivative liabilities	'	1	'	'
Recurring basis \| Level Three \| Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	18	27	'	'
Derivative liabilities	18	27	'	'
Recurring basis \| Cash Collateral and Netting \| Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	-21	-7	'	'
Derivative liabilities	-55	-13	'	'
Recurring basis \| Cash Collateral and Netting \| MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	'	-5	'	'
Derivative liabilities	'	5	'	'
Recurring basis \| Total	'	'	'	'
Fair Value Measurements	'	'	'	'
Restricted investments	'	121	'	'
Mortgage loans held for sale	1,155	2,174	'	'
Mortgage servicing rights	1,237	1,022	'	'
Recurring basis \| Total \| Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	62	140	'	'
Derivative liabilities	'	1	'	'
Recurring basis \| Total \| Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	4	8	'	'
Derivative liabilities	14	6	'	'
Recurring basis \| Total \| Option contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	1	2	'	'
Recurring basis \| Total \| MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative liabilities	'	5	'	'
Recurring basis \| Total \| Interest rate contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	1	'	'
Recurring basis \| Total \| Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	18	27	'	'
Derivative liabilities	$18	$27	'	'

Fair_Value_Measurements_Detail5

Fair Value Measurements (Details 6) (Level Three, USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest rate lock commitments, net	'	'	'	'
Activity in assets and liabilities, net classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	($11)	$179	$139	$184
Realized and unrealized gains (losses)	136	425	405	1,185
Settlements	-63	-383	-482	-1,148
Balance, end of period	62	221	62	221
Mortgage loan Securitization debt certificates	'	'	'	'
Activity in liabilities classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	'	'	'	21
Deconsolidation of entity	'	'	'	-21
Mortgage loans held for sale	'	'	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	55	12	64	17
Realized and unrealized gains (losses)	2	-1	-10	-2
Purchases	12	'	68	2
Issuances	2	2	2	3
Settlements	-12	-1	-68	-3
Transfers into level Three	9	'	34	'
Transfers out of level Three	-9	'	-31	-5
Balance, end of period	59	12	59	12
Mortgage servicing rights	'	'	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	1,247	1,157	1,022	1,209
Realized and unrealized gains (losses)	-74	-225	6	-451
Issuances	64	70	209	244
Balance, end of period	1,237	1,002	1,237	1,002
Investment securities	'	'	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'	'	'
Realized and unrealized gains (losses)	'	'	'	-2
Settlements	'	'	'	-5
Deconsolidation of entity	'	'	'	7
Securitized mortgage loans	'	'	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	'	'	'	28
Deconsolidation of entity	'	'	'	($28)

Fair_Value_Measurements_Detail6

Fair Value Measurements (Details 7) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Gain on mortgage loans, net

Change in fair value of mortgage servicing rights

Interest rate lock commitments

Mortgage loans held for sale

Mortgage servicing rights

Investment securities

Level Two

Gain on mortgage loans, net

Mortgage interest income

Change in fair value of mortgage servicing rights

Other income

Market based approach

Observable spreads and terms for recent pricing of similar instruments

Discounted cash flow model

Realized and unrealized gains and losses related to assets and liabilities

Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments

$136,000,000

$425,000,000

$405,000,000

$1,185,000,000

$1,000,000

($1,000,000)

($14,000,000)

($3,000,000)

$1,000,000

$4,000,000

$1,000,000

($74,000,000)

($225,000,000)

$6,000,000

($451,000,000)

($2,000,000)

Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets

Unrealized Gain or Loss for Level 3 Fair Value instruments

59,000,000

208,000,000

52,000,000

219,000,000

-11,000,000

-150,000,000

226,000,000

-252,000,000

Debt

Fair value of debt

$6,200,000,000

$7,000,000,000

$3,900,000,000

$1,100,000,000

$1,200,000,000

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012		Sep. 30, 2012	Dec. 31, 2011
ASSETS	'		'		'	'
Cash	$1,155		$829		$677	$414
Restricted Cash	254		425		'	'
Mortgage loans held for sale	1,155		2,174		'	'
Accounts receivable, net	939		797		'	'
Net investment in fleet leases	3,701		3,636		'	'
Property, plant and equipment, net	73		79		'	'
Other assets	560		616		'	'
Total assets (1)	9,099	[1]	9,603	[1]	'	'
LIABILITIES	'		'		'	'
Accounts payable and accrued expenses	750		586		'	'
Debt	5,808		6,554		'	'
Other liabilities	225		279		'	'
Total liabilities (1)	7,456	[1]	8,041	[1]	'	'
Variable Interest Entities	'		'		'	'
Amount of loans originated from Realogy Corporation's affiliates (as a percent)	21.00%		'		'	'
Variable Interest Entity	'		'		'	'
ASSETS	'		'		'	'
Cash	91		66		'	'
Restricted Cash	215		249		'	'
Mortgage loans held for sale	386		730		'	'
Accounts receivable, net	64		90		'	'
Net investment in fleet leases	3,629		3,531		'	'
Property, plant and equipment, net	2		2		'	'
Other assets	35		39		'	'
Total assets (1)	4,422		4,707		'	'
LIABILITIES	'		'		'	'
Accounts payable and accrued expenses	26		36		'	'
Debt	3,847		4,074		'	'
Other liabilities	18		13		'	'
Total liabilities (1)	3,891		4,123		'	'
PHH Home Loans \| Variable Interest Entity	'		'		'	'
ASSETS	'		'		'	'
Cash	78		59		'	'
Restricted Cash	3		4		'	'
Mortgage loans held for sale	381		716		'	'
Accounts receivable, net	21		17		'	'
Property, plant and equipment, net	2		2		'	'
Other assets	14		20		'	'
Total assets (1)	499		818		'	'
Assets held as collateral	373		691		'	'
LIABILITIES	'		'		'	'
Accounts payable and accrued expenses	16		25		'	'
Debt	354		629		'	'
Other liabilities	18		13		'	'
Total liabilities (1)	388		667		'	'
Variable Interest Entities	'		'		'	'
Amount of loans originated from Realogy Corporation's affiliates (as a percent)	85.00%		'		'	'
Chesapeake and D.L. Peterson Trust \| Variable Interest Entity	'		'		'	'
ASSETS	'		'		'	'
Cash	9		2		'	'
Restricted Cash	164		186		'	'
Accounts receivable, net	43		73		'	'
Net investment in fleet leases	2,983		2,856		'	'
Other assets	14		12		'	'
Total assets (1)	3,213		3,129		'	'
Assets held as collateral	3,190		3,114		'	'
LIABILITIES	'		'		'	'
Accounts payable and accrued expenses	2		2		'	'
Debt	2,848		2,771		'	'
Total liabilities (1)	2,850		2,773		'	'
FLRT and PHH Lease Receivables LP \| Variable Interest Entity	'		'		'	'
ASSETS	'		'		'	'
Restricted Cash	48		59		'	'
Net investment in fleet leases	646		675		'	'
Other assets	7		7		'	'
Total assets (1)	701		741		'	'
Assets held as collateral	694		731		'	'
LIABILITIES	'		'		'	'
Accounts payable and accrued expenses	8		8		'	'
Debt	640		662		'	'
Total liabilities (1)	$648		$670		'	'

[1]	The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended			9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012	Dec. 31, 2012
	Sep. 30, 2013		Sep. 30, 2012	item		Sep. 30, 2012	Dec. 31, 2012
Segment Information	'		'	'		'	'
Number of reportable segments	'		'	3		'	'
Segment Information	'		'	'		'	'
Total Assets	$9,099	[1]	'	$9,099	[1]	'	$9,603	[1]
Net Revenues	615		624	2,167		1,960	'
Segment (Loss) Profit	-80		-75	150		-56	'
Other	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	963		'	963		'	723
Net Revenues	'		'	-1		-1	'
Segment (Loss) Profit	-54		-13	-54		-13	'
Mortgage Production segment \| Operating segment	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	1,488		'	1,488		'	2,587
Net Revenues	182		337	699		909	'
Segment (Loss) Profit	-22		122	67		317	'
Mortgage Servicing segment \| Operating segment	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	2,152		'	2,152		'	1,791
Net Revenues	29		-118	264		-155	'
Segment (Loss) Profit	-28		-205	71		-427	'
Fleet Management Services segment \| Operating segment	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	4,496		'	4,496		'	4,502
Net Revenues	404		405	1,205		1,207	'
Segment (Loss) Profit	$24		$21	$66		$67	'

[1]	The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Reconciliation of (Loss) income before income taxes to Segment (loss) profit	'	'	'	'
(Loss) income before income taxes	($74)	($56)	$180	($12)
Less: net income attributable to noncontrolling interest	6	19	30	44
Segment (loss) profit	($80)	($75)	$150	($56)